YTL Corporation Bhd recorded a 57 per cent surge in net profit to RM1.02 billion for the second quarter ended Dec 31, 2024 (Q2FY2024), compared to RM650 million in the preceding quarter ended Sept 30, 2024.
Revenue for Q2FY2024 increased by 4 per cent to RM8.06 billion, up from RM7.77 billion in the corresponding period a year earlier.
YTL group executive chairman Tan Sri Francis Yeoh Sock Ping attributed the revenue growth primarily to the cement, property, and hotels segments.
Profit growth was driven by the consolidation of NSL Ltd's results following its acquisition during the quarter, unrealised foreign exchange gains, and improved performance from the hotels segment, he said in a statement.
For the cumulative six months ended Dec 31, 2024, the group's EBITDA (earnings before interest, tax, depreciation, and amortisation) remained steady at RM4.7 billion, compared to RM4.8 billion in the corresponding period in 2023.
YTL Power International Bhd reported revenue of RM5.68 billion in Q2FY2024, marginally lower than RM5.68 billion in the preceding quarter. However, pre-tax profit surged 51 per cent to RM773.1 million from RM510.6 million previously.
Yeoh, who also serves as executive chairman of YTL Power, said that the robust performance in Q2 was supported by unrealised foreign exchange gains.
He highlighted that, for the cumulative half-year period, the group made notable progress on development projects, including the YTL Green Data Centre Park in Kulai, Johor.
He added that operations in Singapore's power generation market stabilised following an exceptional performance in the previous year, while the water and sewerage businesses in the UK and Malaysia, along with the telecommunications segment, also showed improvements.
For the six months ended Dec 31, 2024, YTL Power's EBITDA stood at RM3.4 billion, compared to RM3.6 billion in the same period in 2023.
Meanwhile, Malayan Cement Bhd reported revenue of RM1.15 billion in Q2FY2024, compared to RM1.17 billion in the preceding quarter. Net profit rose 32 per cent to RM184.9 million from RM139.6 million previously.
Yeoh noted that the slight decline in revenue was mainly due to lower domestic cement sales, while profit growth was supported by a gain on the compulsory acquisition of land and lower borrowing costs.
He said that the group's ongoing cost reduction and efficiency improvement initiatives continued to yield positive results
"All business units contributed to the improved performance, reflecting the strength of the group's diversified portfolio," Yeoh said.
The board of Malayan Cement declared an interim dividend of 5 sen per ordinary share for the financial year ending June 30, 2025. The book closure date is set for March 6, 2025, with payment scheduled for March 27, 2025.