KUALA LUMPUR: YTL Corp Bhd's net profit jumped by 509.6 per cent to RM589.22 million for the second quarter (Q2) ended Dec 31, 2023 from RM96.91 million a year ago due to the improved performances by almost all business segments.
The company's revenue grew 14.26 per cent to RM7.53 billion in Q2 2023, up from RM6.59 billion in the same corresponding quarter a year ago.
No dividend was declared for the quarter under review.
For the period of six months ended Dec 31, 2023 (6MFY23), YTL's net profit jumped 515 per cent to RM1.97 billion this year from RM320.3 million, driven primarily by the utilities and cement divisions.
The company recorded a revenue of RM15.05 billion (US$3,15 billion) for 6MFY23, a 15 per cent increase compared to RM13.081 billion a year ago.
Executive chairman Tan Sri (Sir) Francis Yeoh Sock Ping said the company achieved outstanding results for the first half of the 2024 financial year driven primarily by the utilities and cement divisions.
"The company's earnings before interest, tax, depreciation and amortisation (Ebitda) almost doubled, increasing to RM4.8 billion for the half-year ended 31 December 2023 compared to RM2.5 billion for the same period last year," Yeoh said in a statement.
For its biggest contributor YTL Power, net profit rose 377 per cent to RM1.71 billion in 6MFY23 RM358.3 million for the same period last year, while its revenue rose 15 per cent to RM10.82 billion from RM9.45 billion previously.
YTL Power's improved performance stemmed mainly from better margins in the power generation segment.
"The water and sewerage segment recorded higher revenue due to new contracts secured within the non-household retail market, although higher interest accruals on index-linked bonds continued to have a non-cash impact on profit," it said.
Meanwhile, Malayan Cement posted a strong net profit of RM217.4 million in 6MFY23 over RM16.2 million for the same period last year.
Revenue increased 31 per cent to RM2.31 billion compared to RM1.76 billion last year.
The improved performance was due mainly to higher volumes and stabilisation in selling prices for both domestic cement and ready-mixed concrete, with this stabilisation cushioning the impact of higher energy costs.
YTL's hospitality arm YTL Hospitality REIT's revenue rose 14 per cent to RM276.1 million for 6MFY23 compared to RM242.4 million for the previous year.
Its net property income (NPI) increased to RM144.0 million for the half-year under review compared to RM124.4 million for the same period last year, while income available for distribution grew 37 per cent to RM79.1 million this year from RM57.9 million previously.