Malayan Cement boosts YTL Corp's FY24 results

YTL Cop Bhd posted a net profit slipped to MYR534.48m in the fourth quarter ended 30 June 2024 (4Q24) compared with MYR548.03m in the previous corresponding period, while revenue in 4Q24 dipped to MYR8.27bn from MYR9.21bn a year earlier.

In a statement, executive chairman Tan Sri Francis Yeoh Sock Ping said the strong set of results was contributed by all business segments across the board, anchored by the utilities and cement divisions, with the construction, property, hotels and management services segments all turning in strong performances. 

For the financial year ended 30 June 2024 (FY24), YTL Corp’s net profit rose to MYR2.14bn from MYR1.10bn in the previous corresponding period. It recorded revenue of MYR30.53bn in FY24, increasing three per cent compared to MYR29.62bn a year earlier. “The group’s earnings before interest, tax, depreciation and amortisation (EBITDA) increased 37 per cent to MYR9.5bn for the 12 months ended 30 June 2024 compared to MYR6.9bn last year.”

YTL Cop subsidiary, Malayan Cement Bhd’s net profit in FY24 surged 169 per cent to MYR429m from MYR159.2m in the previous corresponding period, while revenue increased 18 per cent to MYR4.45bn compared to MYR3.76bn a year earlier.

Yeoh said Malayan Cement’s higher revenue was due mainly to the stabilisation of the selling price for both domestic cement and ready-mixed concrete, in addition to continued improvements in operational efficiencies.

“Pre-tax profit for FY24 rose in tandem with the higher revenue, coupled with the moderation in coal prices,” he said. EBITDA increased 52 per cent to MYR1.09bn in FY24, compared to MYR718.8m in FY23.