YTL Corp's Half-Year Revenue Increases 36% to RM11.9 Billion (US$2.8 Billion) & Profit Before Tax Jumps 40% to RM467 Million (US$112 Million) Kuala Lumpur, Thursday 24 February 2022 YTL Corporation Berhad's revenue increased by 35.9% to RM11,916.3 million (US$2,844.0 mn) for the 6 months ended 31 December 2021 as compared to RM8,770.5 million (US$2,093.2 mn) for the previous corresponding 6 months ended 31 December 2020. Profit before tax grew 40.0% to RM467.3 million (US$111.5 mn) for the current period under review compared to RM333.7 million (US$79.6 mn) for the same period last year, whilst profit after tax increased 79.9% to RM241.3 million (US$57.6 mn) this year over RM134.1 million (US$32.0 mn) last year. YTL Corp Executive Chairman, Tan Sri (Sir) Francis Yeoh Sock Ping, PSM, KBE, said, ''Revenue growth was mainly contributed by our utilities and property segments. The utilities division registered higher revenue across almost all sub-segments. The property segment recorded significantly better performance due to sales recorded under the Brabazon project in the UK, with profit also bolstered by a higher share of profits from Starhill Global REIT in Singapore. ''Meanwhile, in our hotels segment, better performance of our hotels in the UK and Malaysia led to higher revenue in the current period. YTL Hospitality REIT declared an interim income distribution of 1.888 sen per unit for the 6-month period. ''Our construction and cement segments, which have remained consistently profitable, continued to see healthy margins, and as lockdowns taper off, we are cautiously optimistic about the Group's continuing strong performance for the next 6 months.'' The Group's EBITDA (earnings before interest, tax, depreciation and amortisation) remained solid, growing 7.3% to RM2.178 billion (US$519.9 mn) for the current period compared to RM2.030 billion (US$484.4 mn) for the same period last year. Comparison with Preceding Year Corresponding Period
YTL Power's revenue increased 68.9% to RM8,647.3 million (US$2,063.8 mn) for the 6 months ended 31 December 2021 compared to RM5,119.4 million (US$1,221.8 mn) for the previous corresponding 6 months ended 31 December 2020. Meanwhile, profit before tax stood at RM176.5 million (US$42.1 mn) for the period under review compared to RM315.4 million (US$75.3 mn) for the same period last year. Tan Sri (Sir) Francis Yeoh Sock Ping, Executive Chairman of YTL Power, said, ''The higher revenue was due mainly to higher pool and fuel oil prices in the merchant multi-utilities segment, coupled with growth in the non-household retail market, increased prices allowed by the regulator and strengthening of the British Pound in the water and sewerage segment. Profit before tax was impacted by increased fuel costs in the current financial period and the absence of recovery of impairment of receivables recognised in the preceding financial period, partially offset by increased pool gains in the merchant multi-utilities division. ''The telecommunications business continued to improve due to the growth in the subscriber base spurred by the launch of affordable data plans, supported by partnerships and collaborations. In December 2021, together with Digital Nasional Bhd's launch of Malaysia's 5G wholesale services in the Klang Valley, YTL Communications launched its 5G services, becoming the first telco in Malaysia to offer 5G access to its customers, delivering higher data speed, ultra-low latency, more reliable coverage, massive network capacity and a more uniform experience to users. ''Meanwhile, earlier this month, we embarked on the divestment of our 33.5% stake in ElectraNet Pty Ltd in Australia, which we acquired for about RM122.9 million in 2000. The timing proved optimal in light of the attractive valuation of regulated utility assets, with the sale consideration of A$1.026 billion (about RM3.057 billion) representing a valuation of 1.6 times ElectraNet's regulated and contracted asset base (RCAB). The divestment is currently pending completion, which is estimated to take place by the end of this financial year.'' Comparison with Preceding Year Corresponding Period
MALAYAN CEMENT BERHAD Malayan Cement's revenue increased by 53.9% to RM1,105.6 million (US$263.9 mn) for the 6 months ended 31 December 2021 compared to RM718.4 million (US$171.5 mn) for the previous corresponding 6 months ended 31 December 2020, whilst profit before tax grew to RM47.1 million (US$11.2 mn) this year compared to a loss before tax of RM5.1 million (US$ 1.2 mn) recorded in the Tan Sri (Sir) Francis Yeoh Sock Ping, Executive Chairman of Malayan Cement, said, ''The significant improvement in performance for the 6 months under review was due to consolidation of results of the 10 cement and ready-mixed concrete companies and their respective subsidiaries which were acquired in September 2021 from YTL Cement Berhad. The successful completion of this acquisition has increased the size of Malayan Cement, which has in turn bolstered profitability and value enhancement''. Comparison with Preceding Year Corresponding Period
YTL Hospitality REIT recorded higher revenue of RM179.9 million (US$42.9 mn) for the 6 months ended 31 December 2021, a 14.0% increase compared to RM157.8 million (US$37.7 mn) for the previous corresponding 6 months ended 31 December 2020. Net property income (NPI) grew 11.1% to RM113.5 million (US$27.1 mn) for the period under review compared to RM102.1 million (US$24.4 Tan Sri (Sir) Francis Yeoh Sock Ping, Executive Chairman of Pintar Projek Sdn Bhd, the Manager of YTL Hospitality REIT, said, ''Revenue and NPI in the Trust's hotel segment increased due to improved performance by our Australian portfolio, resulting from participation in the government isolation group business programme as well as internal cost saving efforts. Meanwhile, in the property rental segment, revenue and NPI continued to remain stable at similar levels to the same period last year.'' The Board of Directors of Pintar Projek Sdn Bhd, the Manager of YTL Hospitality REIT, declared an interim distribution of 1.8880 sen per unit for the 6 months from 1 July 2021 to 31 December 2021, the book closure and payment dates for which are 10 March 2022 and 31 March 2022, respectively. The total income distribution amounts to RM32.2 million, representing approximately 90% of the total distributable income for the financial period ended 31 December 2021. Comparison with Preceding Year Corresponding Period
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