YTL Corp's 3Q profit down 16%, dragged by weak YTL Power results, offset by Malayan Cement's strong showing

• YTL Hospitality REIT (KL:YTLREIT), in which YTL Corp owns a direct 55% and indirect 3.63% stake, saw net property income stay steady at RM79.71 million compared with RM79.79 million for 3QFY2024, as revenue slipped 5% to RM141.1 million from RM148.59 million.

KUALA LUMPUR (May 22): YTL Corp Bhd (KL:YTL) on Thursday posted a 15.5% year-on-year drop in quarterly net profit, dragged by YTL Power International Bhd's (KL:YTLPOWR) weaker results, offset by a strong showing from Malayan Cement Bhd (KL:MCEMENT).

Net profit for the third quarter ended March 31, 2025 (3QFY2025) fell to RM419.38 million from RM496.23 million previously, according to the conglomerate’s bourse filing on Thursday.

Revenue edged up 1.5% year-on-year to RM7.32 billion from RM7.21 billion.

No dividend was declared for the quarter.

The lower earnings came as its largest contributor—the utilities segment via YTL Power, in which the group has a 48.45% direct and 6.41% indirect stake—saw both lower revenue and profit contributions due to the power generation division’s lower pool and retail prices, coupled with the strengthening ringgit versus the Singapore dollar.

As for YTL Power, the group logged a 30% decline in net profit to RM489.41 million from RM698.69 million in 3QFY2024, as revenue slipped 5.2% to RM4.89 billion from RM5.16 billion.

The drag in earnings was offset by a strong showing by its second-largest contributor, the cement and building materials segment, through its 72.09% indirectly owned Malayan Cement.

This segment saw higher revenue on the consolidation of newly acquired NSL Ltd, as well as higher profit on improved operational efficiencies, lower production costs, and reduced borrowing costs.

Malayan Cement booked an 80.6% surge in net profit to RM182.84 million from RM101.24 million in 3QFY2024, in spite of revenue being flat at RM1.1 billion.

YTL Corp’s hotel operations segment also saw a growth in earnings and revenue, thanks to higher occupancy rates and stronger average room rates.

YTL Hospitality REIT (KL:YTLREIT), in which YTL Corp owns a direct 55% and indirect 3.63% stake, saw net property income stay steady at RM79.71 million compared with RM79.79 million for 3QFY2024, as revenue slipped 5% to RM141.1 million from RM148.59 million.

For the first nine months of FY2025, YTL Corp’s net profit dropped 17.1% year-on-year to RM1.33 billion from RM1.61 billion, while cumulative revenue increased 4% to RM23.15 billion from RM22.26 billion.

Looking to the financial year’s final quarter, YTL Corp said the cement and building materials segment is expected to maintain its performance in view of expected stable domestic cement demand.

Meanwhile, the utilities segment’s power generation division will also be expected to see stable demand, it noted, adding that the division will continue to focus on customer service, operational efficiency and exploring diversification beyond the core business into integrated multi-utilities supply.

Shares in YTL Corp ended five sen or 2.45% lower at RM1.99, valuing the group at RM22.11 billion.

YTL Power closed six sen or 1.69% higher at RM3.60, giving the group a market capitalisation of RM29.8 billion. Malayan Cement ended five sen or 1.04% higher at RM4.85, valuing the cement and building materials outfit at RM6.54 billion.

As for YTL Hospitality REIT, its units closed unchanged at RM1.05, valuing the trust at RM1.79 billion.

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