KUALA LUMPUR: YTL Corp Bhd's net profit surged 370.1 per cent to RM1.07 billion for the nine months ended March 31 2022 from RM227.6 million a year ago.
Group revenue climbed 39.2 per cent to RM18.09 billion from RM12.99 billion a year ago.
At pre-tax level, YTL's profit jumped 162.1 per cent to RM1.38 billion compared to RM528.4 million for the same period last year.
Executive chairman Tan Sri Francis Yeoh Sock Ping said the company's construction and cement segments continued to rally in line with the phased reopening of economic sectors as the country moves towards endemic management of the pandemic.
The company has seen more favourable demand on the back of the revival and acceleration of major infrastructure and affordable housing projects.
"The property segment recorded better performance due to better sales and a higher share of profits from the company's investment in Starhill Global REIT in Singapore. Meanwhile, its hotels division continued to improve following the easing of movement restrictions in the United Kingdom and Malaysia," Yeoh said in a statement today.
YTL said its unit YTL Power International Bhd's revenue increased 71.7 per cent to RM13.32 billion in the nine months compared to RM7.76 billion previously.
Yeoh said YTL Power's performance improved significantly for the period under review with higher revenue from the merchant multi-utilities business in Singapore and the water and sewerage segment in the United Kingdom,.
"YTL Power's profit before tax was bolstered by the disposal of the company's investment in ElectraNet in Australia, completed in March 2022," he said.
On Malayan Cement Bhd, Yeoh said the company's revenue increased 73.9 per cent to RM1.90 billion for 9M22 compared to RM1.09 billion last year.
Its pre-tax profit improved significantly to RM73.6 million from a loss before tax of RM1.1 million recorded in the same period last year.
"Malayan Cement recorded higher revenue and profit before tax due to the consolidation of results of the 10 cement and ready-mixed concrete companies as well as their respective subsidiaries acquired in September 2021 from YTL Cement," Yeoh said.