YTL Corp's Net Profit Nearly Doubles To RM2.14 Bln In FY2024

KUALA LUMPUR, Aug 21 (Bernama) -- YTL Corporation Bhd’s (YTL Corp) net profit almost doubled to RM2.14 billion in the financial year ended June 30, 2024 (FY2024) from RM1.09 billion in FY2023, mainly boosted by stronger utility business.

According to its Bursa Malaysia filing today, revenue increased to RM30.52 billion from RM29.61 billion.

Its utility arm, YTL Power International Bhd, recorded a net profit of RM3.46 billion versus RM2.02 billion previously, attributable to better performance in the power generation segment. Revenue rose to RM22.32 billion from RM21.89 billion in FY2023. 

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YTL Corp said the power generation division’s revenue decreased to RM15.24 billion in FY2024 from RM16.21 billion a year ago, attributed to lower pool prices, partially offset by the strengthening of the Singapore dollar against the ringgit.

Profit before tax (PBT) jumped 49.6 per cent to RM3.68 billion from RM2.46 billion previously due to better margins and lower interest expenses following loan repayments.

For the water and sewerage division, revenue rose to RM5.21 billion from RM4.26 billion, up 22.2 per cent, primarily driven by new contracts secured within the non-household retail market, an increase in prices as allowed by the regulator, coupled with the strengthening of the British pound against the ringgit.

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The conglomerate said the higher PBT of the cement and building materials industry unit in the year reviewed was driven by the stabilisation in selling prices in domestic cement and ready mixed.

The PBT was notwithstanding an impairment loss recognised on plant and machinery in Rawang amounting to RM137.1 million.

Meanwhile, the group’s management services & others unit also recorded higher PBT, contributed by higher interest income and fair value gains on Ranhill Utilities Bhd shares, which was acquired in FY2024.

For the fourth quarter of FY2024, YTL Corp posted a lower net profit of RM534.48 million from RM548.02 million, on the back of a revenue of RM8.27 billion versus RM9.20 billion in the same quarter in FY2023. 

Going forward, the group expects the performance of its business segments to remain resilient as its major business segments are substantially engaged in essential services and it will continue to closely monitor the related risks and impact on all business segments.

-- BERNAMA