Press Releases

YTL Corp's 1st Quarter Profit After Tax Surges 660% to RM940 Million (US$200 Million) on the Back of 16% Revenue Growth to RM7.5 Billion (US$1.6 Billion)

Kuala Lumpur, Thursday 23 November 2023 — YTL Corporation Berhad's revenue increased 16% to RM7,521.0 million (US$1,603.6 mn) for the 3 months ended 30 September 2023 compared toRM6,488.7 million (US$1,383.5 mn) for the previous corresponding 3 months ended 30 September 2022.

Profit before tax grew 495% to RM1,214.3 million (US$258.9 mn) for the quarter under review compared to RM204.0 million (US$43.5 mn) for the same quarter last year, whilst profit after tax increased to RM940.2 million (US$200.5 mn) this quarter compared to RM123.6 million (US$26.4 mn) for the corresponding quarter last year.

Executive Chairman, Tan Sri (Sir) Francis Yeoh Sock Ping, PSM, KBE, said, "The Group started the 2024 financial year off on a high note. Revenue increased 16% to RM7.5 billion, with profit after tax surging 660% to RM940 million for the first quarter ended 30 September 2023. The improved results were due to better performance recorded across almost all business segments.

"The Group's EBITDA (earnings before interest, tax, depreciation and amortisation) continued to see strong growth, doubling to RM2.4 billion for the quarter ended 30 September 2023 compared to RM1.2 billion for the same quarter last year."

Comparison with Preceding Year Corresponding Quarter

	3 months ended
	30.09.2023 RM million	30.09.2022 RM million	Variance %
Revenue	7,521.0	6,488.7	+16
Profit before tax	1,214.3	204.0	+495
Profit after tax	940.2	123.6	+660

YTL POWER INTERNATIONAL BERHAD
YTL Power's 1st Quarter Profit After Tax Jumps 407% to RM850 Million

YTL Power's revenue increased 15% to RM5,445.7 million for the 3 months ended 30 September 2023 compared to RM4,744.5 million for previous corresponding quarter ended 30 September 2022.

Profit before tax rose to RM1,031.5 million for the 3 months under review compared to RM224.9 million for the same quarter last year, whilst profit after tax jumped 407% to RM850.3 million this quarter over RM167.6 million for the corresponding quarter last year.

Tan Sri (Sir) Francis Yeoh Sock Ping, Executive Chairman of YTL Power, said, "YTL Power made a strong start to the 2024 financial year. The improved performance for the first quarter was primarily attributed to better margins and the strengthening of the Singapore Dollar against Ringgit Malaysia in the power generation segment. The water and sewerage segment also recorded improved revenue for the quarter under review, although higher interest accruals on index-linked bonds continued to have a non-cash impact on the segment's bottom line".

EBITDA (earnings before interest, tax, depreciation and amortisation) for the 3 months ended 30 September 2023 more than doubled to RM1.9 billion, compared to RM0.9 billion for the same quarter last year.

Comparison with Preceding Year Corresponding Quarter

	3 months ended
	30.09.2023 RM million	30.09.2022 RM million	Variance %
Revenue	5,445.7	4,744.5	+15
Profit before tax	1,031.5	224.9	+359
Profit after tax	850.3	167.6	+407

MALAYAN CEMENT BERHAD
Malayan Cement's 1st Quarter Revenue Increases 34% to RM1.1 Billion & Profit After Tax Grows to RM96 Million

Malayan Cement's revenue increased 34% to RM1,148.1 million for the 3 months ended 30 September 2023 compared to RM858.9 million for the 3 months ended 30 September 2022. Profit before tax rose to RM154.6 million for the quarter under review compared to RM4.1 million for the
same quarter last year, whilst profit after tax increased exponentially to RM96.1 million this quarter over RM0.9 million for the corresponding quarter last year.

Tan Sri (Sir) Francis Yeoh Sock Ping, Executive Chairman of Malayan Cement, said, "Malayan Cement delivered exceptional results for the quarter under review. The increase in revenue was contributed mainly by higher volumes and stabilisation in selling prices for both domestic cement and
ready-mixed concrete. Higher profit before tax was primarily the result of increased revenue, with the stabilisation in selling prices moderating the impact of higher energy costs".

EBITDA (earnings before interest, tax, depreciation and amortisation) grew 2.5-fold to RM291.2 million for the 3 months ended 30 September 2023, compared to RM117.4 million for the same quarter last year.

Comparison with Preceding Year Corresponding Quarter

	3 months ended
	30.09.2023 RM million	30.09.2022 RM million	Variance %
Revenue	1,148.1	858.9	+34
Profit before tax	154.6	4.1	+3,642
Profit after tax	96.13	0.9	+10,384

YTL HOSPITALITY REIT
YTL Hospitality REIT's 1st Quarter Revenue Increases 17% to RM131 Million, with Distributable Income of RM27 Million

YTL Hospitality REIT recorded higher revenue of RM130.9 million for the 3 months ended 30 September 2023, a 17% increase compared to RM112.3 million for the previous corresponding 3 months ended 30 September 2022. Net property income (NPI) increased to RM68.3 million for the quarter under review compared to RM58.1 million for the same period last year, whilst income available for distribution stood at RM26.5 million for the current quarter compared to RM31.0 million for the corresponding quarter last year.

Tan Sri (Sir) Francis Yeoh Sock Ping, Executive Chairman of Pintar Projek Sdn Bhd, the Manager of YTL Hospitality REIT, said, "The increase in revenue was mainly due to better performance of the Australian hotels with international events during the quarter leading to higher average daily room rates and occupancy levels. NPI grew 17% to RM68.3 million, offset by an increase in finance costs resulting from higher interest rates on Australian Dollar-denominated borrowings, which impacted distributable income for the quarter under review".

Comparison with Preceding Year Corresponding Quarter