Press Releases

YTL Corp's 1st Quarter Revenue Jumps 28% to RM6.5 Billion (US$1.4 Billion) & Profit Before Tax Improves to RM204 Million (US$44 Million)

Kuala Lumpur, November 24, 2022

YTL Corporation Berhad’s revenue grew by 28% or RM1,424.1 million (US$307.6 mn) to RM6,488.7 million (US$1,401.4 mn) for the 3 months ended 30 September 2022 compared to RM5,064.6 million (US$1,093.9 mn) for the previous corresponding quarter ended 30 September 2021.

Profit before tax increased 952% to RM204.0 million (US$44.1 mn) for the current quarter under review compared to RM19.4 million (US$4.2 mn) (after adjusting for the gain on sale of lands of RM306.0 million) recorded for the same quarter last year.

YTL Corp Executive Chairman, Tan Sri (Sir) Francis Yeoh Sock Ping, PSM, KBE, said, “The Group made a good start to the 2023 financial year, with revenue surging to RM6.5 billion and profit before tax increasing to RM204 million, with better performance recorded across most of our business segments.

“The Group’s EBITDA (earnings before interest, tax, depreciation and amortisation) remained robust, at RM1.2 billion for the quarter under review.”

Comparison with preceding year corresponding quarter

	3 months ended 30.9.2022 RM million	3 months ended 30.9.2021 RM million	Variance
Revenue	6,488.7	5,064.6	+ 28
Profit before tax	204.0	19.4*	+ 952

* After adjusting for the gain on sale of lands of RM306.0 million recorded in the preceding year corresponding quarter ended 30 September 2021

YTL POWER INTERNATIONAL BERHAD
YTL Power’s 1st Quarter Profit Before Tax increases 124% to RM225 Million

YTL Power’s profit before tax grew 124% to RM224.9 million for the 3 months ended 30 September 2022 compared to RM100.3 million for previous corresponding 3 months ended 30 September 2021. Profit after tax increased by 227% to RM167.6 million this quarter compared to RM51.3 million for the same quarter last year.

Revenue increased 35% to RM4,744.5 million for the 3 months ended 30 September 2022 compared to RM3,513.5 million for the same quarter last year.

Tan Sri (Sir) Francis Yeoh Sock Ping, Executive Chairman of YTL Power, said, “The improved results were due primarily to better performance of YTL PowerSeraya Pte Ltd in Singapore, driven by higher pool and retail prices, with Wessex Water Limited and our Brabazon project in the United Kingdom also contributing to higher revenue”.

Comparison with preceding year corresponding quarter

	3 months ended 30.9.2022 RM million	3 months ended 30.9.2021 RM million	Variance
Revenue	4,744.5	3,513.5	+ 35
Profit before tax	224.9	100.3	+ 124

MALAYAN CEMENT BERHAD
Malayan Cement’s 1st Quarter Revenue Surges 202% to RM859 Million

Malayan Cement’s revenue increased 202% to RM858.9 million for the 3 months ended 30 September 2022 compared to RM284.6 million for the previous corresponding 3 months ended 30 September 2021. Profit before tax increased 113% to RM4.1 million for the current quarter under review compared to a loss before tax of RM32.3 million for the same quarter last year.

Tan Sri (Sir) Francis Yeoh Sock Ping, Executive Chairman of Malayan Cement, said, “The Group registered significant improvement for the quarter under review, with revenue increasing over 200% compared to the same period last year, and a turnaround to profit before tax of RM4 million. The improvements were due mainly to full consolidation of the new cement and ready-mixed concrete businesses acquired in September 2021”.

Comparison with preceding year corresponding quarter

	3 months ended 30.9.2022 RM million	3 months ended 30.9.2021 RM million	Variance
Revenue	858.9	284.6	+ 202
Profit/(Loss) before tax	4.1	(32.3)	+ 113

YTL HOSPITALITY REIT
YTL Hospitality REIT’s 1st Quarter Revenue Increases 24% to RM112 Million & Distributable Income Grows 73% to RM31 Million

YTL Hospitality REIT recorded higher revenue of RM112.3 million for the 3 months ended 30 September 2022, a 24% increase compared to RM90.2 million for the previous corresponding 3 months ended 30 September 2021. Net property income (NPI) of RM58.1 million for the current quarter under review approximated that of the same period last year, whilst income available for distribution grew 73% to RM30.9 million for the current quarter compared to RM17.9 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, “Revenue and NPI from the Trust’s hotel segment increased due to the reopening of international borders in early 2022, as demand from the corporate and leisure markets remained healthy in the current financial quarter. Meanwhile, distributable income increased due to the normalisation of rental after the end of the rental deferral programme on 30 June 2022”.

Comparison with preceding year corresponding quarter