YTL Corp's net profit jumps to RM589.22mil in 2Q

KUALA LUMPUR: YTL Corporation Bhd’s net profit jumped to RM589.22 million for the second quarter ended Dec 31, 2023 (2Q FY2023) from RM96.91 million recorded a year earlier.

Its revenue also rose to RM7.53 billion from RM6.59 billion previously, it said in a filing with Bursa Malaysia today.

For the first six months of its financial year ending June 30, 2024 (FY2024), the conglomerate recorded a higher net profit of RM1.11 billion against RM133.52 million a year ago, while revenue rose RM15.05 billion compared to RM13.08 billion previously.

Among the segments that contributed towards the revenue for the current quarter and first six months were the cement and building materials industry due to higher volume and stabilisation in selling prices; property and investment development attributed by sale of land from YTL Land & Development Bhd; as well as management services and others driven by higher interest income and foreign exchange gains.

Moving forward, YTL Corp remains positive on the cement and building materials segment with the growth to be primarily driven by civil and non-residential ventures, while the property investment and development segment is on track to achieving an overall satisfactory performance for the current financial year.

As for the utilities segment, the group intends to develop a large portion of the Kulai Young Estate into a large scale solar power facility with a generation capacity of up to 500 megawatt to power a 500 megawatt green data centre park.

"This is in line with the group's shift towards investing in more sustainable renewable energy solutions moving forward,” it added. - Bernama