YTL Power’s Full-year Revenue Grows to RM10.8 Billion (US$2.6 Billion) & Strong Operational Performance Drives 50% Growth in Profit Before Tax to RM636 Million (US$152 Million)

YTL Power International Berhad 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, PSM, KBE, 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