YTL Corp 3Q net profit surges over three-fold q-o-q

The Star, May 25, 2023

PETALING JAYA: Conglomerate YTL Corp Bhd’s profit after tax for its third quarter ended March 31 (3QFY23) surged more than three-fold quarter-on-quarter (q-o-q) to RM659.4mil from the RM196.6mil registered for the preceding three months ended Dec 31, as turnover for 3QFY23 also grew 11% to RM7.33bil q-o-q.

YTL Corp executive chairman, Tan Sri Francis Yeoh Sock Ping attributed the strong financial showing for the quarter in review to the better performances of almost all of the group’s business segments.

“Our utilities segment achieved exponential growth whilst our cement division recorded a strong performance on the back of increased demand and better selling prices. The hotels segment has also continued to show good turnaround in tandem with the ongoing recovery of the global tourism industry,” he said.

Yeoh also reported that YTL Corp’s cumulative earnings before interest, tax, depreciation and amortisation (ebitda) for the nine months ended March 31 saw a 10% year-on-year (y-o-y) gain to RM4.3bil, compared to RM3.9bil for the corresponding period of the previous fiscal year (FY22).

Its revenue rose 13% y-o-y to RM20.4bil compared to RM18.1bil for the previous corresponding period ended March 31 2022, while pre-tax profit escalated 183% to RM1.31bil, after adjusting mainly for the one-off gain of RM923.9mil arising from the disposal of its investment in ElectraNet.

YTL Power International Bhd saw its profit after tax for 3QFY23 leap 166% q-o-q or more than 2.5 times, to RM507.6mil, as revenue also went up by 14% q-o-q to RM5.4bil.

Cumulatively, for the nine months ended March 31, ebitda for YTL Power increased 10% y-o-y to RM3.1bil against the RM2.8bil posted for the same period of FY22, as revenue expanded by 12% y-o-y to RM14.8bil compared to RM13.3bil for the previous corresponding nine months ended March 31 2022.

Malayan Cement Bhd posted a significant profit after tax q-o-q jump of 313% to RM63.3mil for the three months ended March 31 compared to RM15.3mil for the quarter ended Dec 31.

The 3QFY23 quarter also saw revenue going up by 10% q-o-q to RM990.7mil.

For the three quarters ended March 31, Malayan Cement’s ebitda also grew a noteworthy 36% y-o-y to RM469.4mil from the RM345.1mil achieved over the corresponding nine months of FY22, as revenue recorded a 45% increase y-o-y to RM2.75bil, due to the full consolidation of the new cement and ready-mixed concrete businesses acquired in September 2021, coupled with higher volumes of cement sold and improved margins.

For YTL Hospitality REIT, while revenue receded 2.5% for its 3QFY23 to RM126.9mil, still saw a y-o-y cumulative growth of 43% to RM369.3mil for the nine months ended March 31.

Cumulative net property income also rose 21% y-o-y to RM191.3mil for the nine-month period ended March 31, compared to RM158.1mil posted for the corresponding period of FY22, whilst income available for distribution increased by 56% to RM84.2mil over RM53.9mil last year.