KUALA LUMPUR: YTL Corp Bhd's pre-tax profit soared by 52.3 per cent to RM638.5 million for the 12 months ended June 30, 2021, on revenue of RM17.36 billion, underpinned by its booming utilities and cement businesses.
Executive chairman Tan Sri Francis Yeoh Sock Ping said the group continued to achieve solid performance, with the utilities division benefiting from the ongoing recovery of the merchant multi-utilities business in Singapore.
"Our cement division also turned in a strong performance on the back of disposal of cement operations in China, coupled with the increase in selling prices and volumes, and lower finance costs," he said in a statement.
Yeoh said the group's earnings before interest, tax, depreciation and amortisation (Ebitda) remained robust at RM4.08 billion for the financial year, approximating last year's results.
"This underscores the fundamental financial strength of the group's operating units despite challenges faced from the ongoing Covid-19 pandemic.
"We are optimistic that the solid performance from our key operating subsidiaries for the 12 months under review bodes well for the year ahead," he stated.
YTL declared an interim single-tier dividend of 2.5 sen per share for the financial year, payable on October 12.
The dividend represents a yield of about 3.8 per cent based on the prevailing share price of 65 sen per share.
The group's power arm, YTL Power International Bhd, recorded higher revenue of RM10.78 billion for the 12 months, compared to RM10.64 billion for the preceding year.
YTL Power's pre-tax profit jumped 49.7 per cent to RM636.5 million from RM425.2 million last year.
Yeoh, who is executive chairman of YTL Power, said the significant income improvement was due to the return to profitability of the group's merchant multi-utilities business in Singapore under YTL PowerSeraya.
He said Wessex Water in the UK also saw good growth in its unregulated business.
YTL Power's telecommunications business in Malaysia improved due to the launch of affordable data plans supported by successful partnerships and cooperation.
"Our utilities have continuously demonstrated their resilience owing to the indispensable nature of the services provided, and the ongoing pandemic has further emphasised the importance and enduring strength of these businesses," he said.
The group's cement arm, Malayan Cement Bhd, recorded revenue of RM1.37 billion for the financial year ended June 30, 2021, and pre-tax profit of RM8.2 million for the period under review.
There are no preceding quarter and year-to-date comparisons due to the change of the financial year-end from December 31 to June 30.
Yeoh, who is also executive chairman of Malayan Cement, said even though domestic cement, clinker and ready mixed concrete sales had been impacted by the reinstatement of the movement control order, its pre-tax profit had improved due to better cement export sales and cost improvements.