YTL Corp Group's 3rd Quarter Profit After Tax Jumps 235% to RM659 Million (US$146 Million)
Kuala Lumpur, Thursday 25 May 2023
YTL Corporation Berhad’s revenue increased 11% to RM7,329.0 million (US$1,625.1 mn) for the current quarter ended 31 March 2023 compared to RM6,592.6 million (US$1,461.8 mn) recorded for the previous quarter ended 31 December 2022.
Profit before tax increased significantly by 185% to RM815.8 million (US$180.9 mn) for the 3 months under review, compared to RM286.6 million (RM63.5 mn) for the previous 3 months ended 31 December 2022, whilst profit after tax jumped 235% to RM659.4 million (US$146.2 mn) this quarter over RM196.6 million (US$43.6 mn) last quarter.
YTL Corp Executive Chairman, Tan Sri (Sir) Francis Yeoh Sock Ping, PSM, KBE, said, “The Group registered stronger results in the current quarter, with almost all business segments turning in better performances. 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.
“The Group’s EBITDA (earnings before interest, tax, depreciation and amortisation) for the 9 months ended 31 March 2023 recorded a robust 10% increase to RM4.3 billion, compared to RM3.9 billion for the same period last year.”
For the cumulative 9 months ended 31 March 2023, revenue grew 13% to RM20,410.2 million (US$4,525.6 mn) compared to RM18,086.9 million (US$4,010.4 mn) for the previous corresponding period ended 31 March 2022. Profit before tax increased 183% to RM1,306.3 million (US$289.6 mn) for the 9 months ended 31 March 2023 compared to RM461.0 million (US$102.2 mn) (after adjusting mainly for the one-off gain of RM923.9 million arising from the gain on disposal of the investment in ElectraNet) for the same period last year.
Comparison with preceding quarter
| 3 months ended 31.03.2023 RM million |
3 months ended 31.12.2022 RM million |
Variance |
|
| Revenue | 7,329.0 | 6,592.6 | +11% |
| Profit before tax | 815.8 | 286.6 | +185% |
| Profit after tax | 659.4 | 196.6 | +235% |
YTL POWER INTERNATIONAL BERHAD
YTL Power's 3rd Quarter Profit After Tax Surges 166% to RM508 Million
Interim Dividend of 2.5 Sen per Share Declared
YTL Power recorded a 14% increase in revenue to RM5,357.5 million for the current quarter ended 31 March 2023 compared to RM4,702.8 million for the previous quarter ended 31 December 2022. Profit before tax increased by 138% to RM610.4 million for the current quarter compared to RM255.9 million last quarter, whilst profit after tax surged 166% to RM507.6 million this quarter compared to RM190.7 million last quarter.
The Board of Directors of YTL Power declared an interim dividend of 2.5 sen per ordinary share, the book closure and payment dates for which are 12 June 2023 and 28 June 2023, respectively.
Tan Sri (Sir) Francis Yeoh Sock Ping, Executive Chairman of YTL Power, said, "The significant improvement in our results arose primarily from better performance in the power generation segment".
For the cumulative 9 months ended 31 March 2023, revenue grew 12% to RM14,804.7 million compared to RM13,268.2 million for the previous corresponding 9 months ended 31 March 2022. Profit before tax increased 309% to RM1,091.2 million for the current 9-month period compared to RM266.5 million (after adjusting mainly for the net gain of RM947.1 million arising from the gain on disposal of the investment in ElectraNet) for the previous corresponding period.
EBITDA (earnings before interest, tax, depreciation and amortisation) for the 9 months ended 31 March 2023 remained resilient, increasing 10% to RM3.1 billion, over RM2.8 billion for the same period last year.
Comparison with preceding quarter
| 3 months ended 31.03.2023 RM million |
3 months ended 31.12.2022 RM million |
Variance |
|
| Revenue | 5,357.5 | 4,702.8 | +14% |
| Profit before tax | 610.4 | 255.9 | +138% |
| Profit after tax | 507.6 | 190.7 | +166% |
MALAYAN CEMENT BERHAD
Malayan Cement's 3rd Quarter Profit After Tax Climbs 313% to RM63 Million
Malayan Cement's revenue increased 10% to RM990.7 million for the current quarter ended 31 March 2023 compared to RM897.0 million for the previous quarter ended 31 December 2022. Profit before tax rose 306% to RM98.7 million for the current quarter compared to RM24.3 million for the previous quarter, whilst profit after tax climbed by 313% to RM63.3 million for the 3 months ended 31 March 2023 compared to RM15.3 million for the previous 3 months ended 31 December 2022.
Tan Sri (Sir) Francis Yeoh Sock Ping, Executive Chairman of Malayan Cement, said, "The strong results were due mainly to improvements in both the volume and selling price of domestic cement, coupled with the better ready-mixed concrete selling price for the period under review".
For the cumulative 9 months ended 31 March 2023, Malayan Cement recorded a 45% growth in revenue to RM2,746.5 million compared to RM1,900.5 million for the same period last year, due to the full consolidation of the new cement and ready-mixed concrete businesses acquired in September 2021. Profit before tax increased by 73% to RM127.1 million for the 9 months ended 31 March 2023 over RM73.6 million for the 9 months ended 31 March 2022 as a result of higher volumes of cement sold and improved margins. EBITDA (earnings before interest, tax, depreciation and amortisation) grew 36% to RM469.4 million for the 9 months ended 31 March 2023, compared to RM345.1 million for the same period last year.
Comparison with preceding quarter
| 3 months ended 31.03.2023 RM million |
3 months ended 31.12.2022 RM million |
Variance |
|
| Revenue | 990.7 | 897.0 | +10% |
| Profit before tax | 98.7 | 24.3 | +306% |
| Profit after tax | 63.3 | 15.3 | +313% |
YTL HOSPITALITY REIT
YTL Hospitality REIT Registers 3rd Quarter Revenue of RM127 million & Distributable Income of RM26 Million
YTL Hospitality REIT registered revenue of RM126.9 million for the 3 months ended 31 March 2023 compared to RM130.1 million for the previous 3 months ended 31 December 2022. Net property income (NPI) and distributable income of RM66.9 million and RM26.2 million respectively approximated that of the previous quarter.
Meanwhile, for the cumulative 9 months ended 31 March 2023, revenue grew 43% to RM369.3 million compared to RM257.4 million recorded for the preceding corresponding 9 months ended 31 March 2022. NPI grew 21% to RM191.3 million for the 9-month period compared to RM158.1 million for the same period last year, whilst income available for distribution increased by 56% to RM84.2 million over RM53.9 million last year.
Tan Sri (Sir) Francis Yeoh Sock Ping, Executive Chairman of Pintar Projek Sdn Bhd, the Manager of YTL Hospitality REIT, said, “In our hotels segment, the Australian portfolio showed ongoing improvement as a result of international borders reopening in early 2022, with average daily room rates and average occupancy rates also increasing across the portfolio. In our property rental segment, the Malaysian and Japanese assets returned to normalised rental from 1 July 2022 after the rental deferral programme ended on 30 June 2022”.
Comparison with preceding quarter
| 3 months ended 31.03.2023 RM million |
3 months ended 31.12.2022 RM million |
Variance |
|
| Revenue | 126.9 | 130.1 | -2% |
| NPI | 66.9 | 66.3 | +1% |
| Distributable income | 26.2 | 27.0 | -3% |
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