YTL Corp Registers Full-Year Revenue of RM17.4 Billion (US$4.1 Billion) & Profit Before Tax Jumps 52% to RM639 Million (US$152 Million)
Kuala Lumpur, Wednesday 8 September 2021
YTL Corp Declares Interim Dividend of 2.5 Sen per Share
YTL Corporation Berhad registered revenue of RM17,356.2 million (US$4,142.3 mn) for the 12 months ended 30 June 2021 compared to RM19,178.4 million (US$4,577.2 mn) for the previous corresponding 12 months ended 30 June 2020. Profit before tax rose by 52.3% to RM638.5 million (US$152.4 mn) for the current year under review compared to RM419.3 million (US$100.1 mn) last year.
The Board of Directors of YTL Corp declared an interim dividend of 2.5 sen per share in respect of the financial year ended 30 June 2021, the book closure and payment dates for which are 24 September 2021 and 12 October 2021, respectively. The dividend represents a yield of approximately 3.8% based on the prevailing share price of 65 sen per share.
YTL Corp Executive Chairman, Tan Sri (Sir) Francis Yeoh Sock Ping, PSM, KBE, said, ''The Group continued to see good results, with our utilities division in particular being bolstered by the ongoing turnaround of the merchant multi-utilities business in Singapore. Our cement division also turned in a strong performance on the back of disposal of cement operations in China, coupled with the increase in selling prices and volumes, and lower finance costs.
''The Group's EBITDA (earnings before interest, tax, depreciation and amortisation) remained robust at RM4.08 billion for the financial year, approximating last year's results, underscoring the fundamental financial strength of our operating units despite challenges faced from the ongoing COVID-19 pandemic. We are optimistic that the solid performance from our key operating subsidiaries for the 12 months under review bodes well for the year ahead.''
Comparison with Preceding Corresponding Quarter/Year
YTL POWER INTERNATIONAL BERHAD
YTL Power registered higher revenue of RM10,782.8 million (US$2,573.5 mn) for the 12 months ended 30 June 2021, compared to RM10,637.2 million (US$2,538.7 mn) for the preceding corresponding period ended 30 June 2020. Profit before tax increased by 49.7% to RM636.5 million (US$151.9 mn) for the 12 months under review compared to RM425.2 million (US$101.5 mn) last year.
The United Kingdom passed legislation this year which increases the UK corporate tax rate from 19% to 25% effective from 1 April 2023. Hence, all deferred tax assets and liabilities were re-measured. The higher deferred tax charge gave rise to a debit to the income statement of RM540.5 million (GBP97.2 million) and resulted in a loss after tax of RM98.7 million (US$23.5 mn) for the 12 months under review. However, the deferred tax item is an accounting treatment and does not impact the Group’s cashflow.
The Board of Directors of YTL Power declared a second interim dividend of 2.5 sen per share in respect of the financial year ended 30 June 2021, the book closure and payment dates for which are 24 September 2021 and 12 October 2021, respectively. Together with the interim dividend of 2.0 sen per share declared in May 2021, the total dividend for the financial year under review of 4.5 sen per share represents a yield of approximately 6.4% based on the prevailing share price of 70 sen per share.
Tan Sri (Sir) Francis Yeoh Sock Ping, Executive Chairman of YTL Power, said, ''YTL Power's operational performance remained strong for the 12 months ended 30 June 2021, with revenue growing to RM10.8 billion and profit before tax jumping 49.7% to RM636 million. EBITDA increased 7.3% to RM2.86 billion for the financial year compared to RM2.66 billion last year.
''The significant improvement in YTL Power's profit before tax for the 12 months under review resulted primarily from the successful return to profitability of the Group's merchant multi-utilities business in Singapore under YTL PowerSeraya. Meanwhile, Wessex Water in the UK has seen good growth in its unregulated business, whilst the financial results of our telecommunications business in Malaysia improved on the back of subscriber growth arising from the launch of affordable data plans, bolstered by effective partnerships and collaborations.
''Our utilities have continuously demonstrated their resilience owing to the indispensable nature of the services provided, and the ongoing pandemic has further emphasised the importance and enduring strength of these businesses.''
Comparison with Preceding Year
MALAYAN CEMENT BERHAD
Malayan Cement recorded revenue of RM1,369.5 million (US$326.9 mn) for the current financial year ended 30 June 2021 and profit before tax of RM8.2 million (US$2.0 mn) for the period under review. There are no preceding quarter and year-to-date comparisons due to the change of the financial year end from 31 December to 30 June.
Tan Sri (Sir) Francis Yeoh Sock Ping, Executive Chairman of Malayan Cement, said, ''Although the domestic cement, clinker and ready mixed concrete sales have been impacted by the reinstatement of the movement control order (MCO 3.0), Malayan Cement successfully recorded an improvement in profit before tax for current financial year ended 30 June 2021, resulting from better cement export sales and cost improvements.
''In a development that augurs well for the ongoing turnaround going forward, our Group received shareholders' approval last week for the proposed strategic asset rationalisation plan which will see Malayan Cement acquire a strong complement of cement and ready-mixed concrete businesses. The completion of this transaction is expected to further enhance profitability, as well as operational size and scale, further improving prospects ahead.''
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