YTL Corp posts 18-fold increase in 3Q earnings

Reopening of economy sees favourable demand

“Our construction and cement segments continued to rally.” Tan Sri Francis Yeoh Sock Ping

PETALING JAYA: YTL Corp Bhd reported an over 18-fold increase in net profit for the third quarter ended March 31 at Rm414.61mil compared with Rm22.43mil a year ago.

The conglomerate posted a pre-tax profit of Rm917.62mil, representing an increase of Rm723mil, or 371.4% as compared to a profit of Rm194.7mil recorded in the preceding year’s corresponding quarter.

Its revenue for the quarter jumped 46.2% to Rm6.17bil against Rm4.22bil last year.

For the first nine months to March 31, YTL posted a 370.1% jump in net profit to Rm1.07bil from Rm227.6mil last year, while revenue rose 39.2% to Rm18.08bil against Rm12.99bil a year ago.

Executive chairman Tan Sri Francis Yeoh Sock Ping said the group saw significantly better results for the nine months ended March 31, 2022, with the essential services provided by its cornerstone utilities segment remaining foundational to the success of the group.

“Our construction and cement segments continued to rally in line with the phased reopening of economic sectors as the country moves towards endemic management of the pandemic, which has seen more favourable demand on the back of the revival and acceleration of major infrastructure and affordable housing projects.

“The property segment recorded better performance due to better sales and a higher share of profits from the group’s investment in Starhill Global REIT in Singapore, whilst our hotel division continued to improve following the easing of movement restrictions in the United Kingdom and Malaysia.

“Meanwhile, earnings before interest, tax, depreciation and amortisation (Ebitda) remained strong, registering a 26% increase to Rm3.9bil for the current period compared to Rm3.1bil for the same period last year,” he said in a statement.

Meanwhile, YTL Power International Bhd’s profit after tax grew 194.3% to Rm1bil this year over Rm363.6mil last year.

Revenue increased 71.7% to Rm13.31bil for the nine months ended March 31 compared to Rm7.75bil a year earlier.

Its Ebitda increased 34.3% to Rm2.8bil for the current period compared to Rm2.1bil for the same period last year.

The board of directors of YTL Power declared an interim cash dividend of two sen per ordinary share, the book closure and payment dates for which are June 13 and June 29, respectively.

Malayan Cement Bhd’s profit after tax grew to Rm48.3mil in the first nine months compared to a loss after tax of Rm3.4mil last year.

Revenue jumped 73.9% to Rm1.9bil for the nine months ended March compared with Rm1.09bil for the previous corresponding period.

YTL Hospitality REIT recorded higher revenue of Rm257.4mil for the nine months ended March 31, up 8.7% from Rm236.9mil posted last year. Net property income grew 5% to Rm158.1mil from Rm150.6mil previously.