YTL Corporation Berhad had a notable increase in net profit, rising by 186 per cent to RM2.8 billion for the nine months ended March 31, 2024 (9M FY24) from RM979.7 million for the same period last year.
Revenue for the period saw a growth of 9.0 per cent, reaching RM22.26 billion, up from RM20.41 billion in the nine months ended March 31, 2023 (9M FY23).
The group's EBITDA (earnings before interest, tax, depreciation, and amortisation) increased by 64 per cent to RM7 billion in 9M FY24, compared to RM4.3 billion in 9M FY23.
"We continued to see strong results through the third quarter of the 2024 financial year, driven by better performance across the group. All divisions contributed to the higher profit seen for the nine months under review," YTL Corp executive chairman, Tan Sri (Sir) Francis Yeoh Sock Ping said in a statement.
YTL Power International Bhd, the group's power arm, reported an 8.0 per cent increase in revenue to RM15.98 billion in 9M FY24, compared to RM14.8 billion in 9M FY23.
Pre-tax profit for the segment saw a substantial growth of 164 per cent to RM2.88 billion in 9M FY24, compared to RM1.09 billion in 9M FY23, while net profit surged by 176 per cent to RM2.39 billion in the current fiscal year, up from RM866 million for the same period last year.
Yeoh, who also serves as the executive chairman of YTL Power, attributed the higher achievements of the group for the nine months under review primarily to improved 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 and the price increase allowed by the industry regulator," he said.
YTL's cement arm, Malayan Cement Bhd, saw its revenue rise by 24 per cent to RM3.4 billion in 9M FY24, compared to RM2.75 billion in 9M FY23.
Pre-tax profit for the segment rose by 296 per cent to RM503.4 million in 9M FY24, compared to RM127.1 million in 9M FY23, while net profit soared by 301 per cent to RM318.7 million, up from RM79.5 million for the same period last year.
"Malayan Cement's better performance for the nine months under review was attributed to stabilisation of the selling price for both domestic cement and ready-mixed concrete, coupled with continued improvements in operational efficiencies"," said Yeoh.
Meanwhile, YTL Hospitality REIT's revenue increased 15 per cent to RM424.7 million in 9M FY24 compared to RM369.3 million for the previous corresponding period.
Net property income (NPI) rose 17 per cent to RM223.7 million this year compared to RM191.3 million in 9M FY23, while income available for distribution grew 26 per cent to RM106.1 million compared to RM84.2 million for the same period last year.
Yeoh, executive chairman of Pintar Projek Sdn Bhd, the Manager of YTL Hospitality REIT, said, the improved performance of the Trust's Australian portfolio was driven by increased international arrivals owing to entertainment and sports events held in Sydney and Brisbane, which drove up average daily room rates and occupancy rates.