YTL Power’s Half-Year Revenue Increases 69% to RM8.6 Billion (US$2.1 Billion) with Profit Before Tax of RM177 Million (US$42 Million)

YTL Power International Berhad’s revenue increased 68.9% to RM8,647.3 million (US$2,063.8 mn) for the 6 months ended 31 December 2021 compared to RM5,119.4 million (US$1,221.8 mn) for the previous corresponding 6 months ended 31 December 2020. Meanwhile, profit before tax stood at RM176.5 million (US$42.1 mn) for the period under review compared to RM315.4 million (US$75.3 mn) for the same period last year.

Tan Sri (Sir) Francis Yeoh Sock Ping, PSM, KBE, Executive Chairman of YTL Power, said, “The higher revenue was due mainly to higher pool and fuel oil prices in the merchant multi-utilities segment, coupled with growth in the non-household retail market, increased prices allowed by the regulator and strengthening of the British Pound in the water and sewerage segment. Profit before tax was impacted by increased fuel costs in the current financial period and the absence of recovery of impairment of receivables recognised in the preceding financial period, partially offset by increased pool gains in the merchant multi-utilities division.

“The telecommunications business continued to improve due to the growth in the subscriber base spurred by the launch of affordable data plans, supported by partnerships and collaborations. In December 2021, together with Digital Nasional Bhd’s launch of Malaysia’s 5G wholesale services in the Klang Valley, YTL Communications launched its 5G services, becoming the first telco in Malaysia to offer 5G access to its customers, delivering higher data speed, ultra-low latency, more reliable coverage, massive network capacity and a more uniform experience to users.

“Meanwhile, earlier this month, we embarked on the divestment of our 33.5% stake in ElectraNet Pty Ltd in Australia, which we acquired for about RM122.9 million in 2000. The timing proved optimal in light of the attractive valuation of regulated utility assets, with the sale consideration of A$1.026 billion (about RM3.057 billion) representing a valuation of 1.6 times ElectraNet’s regulated and contracted asset base (RCAB). The divestment is currently pending completion, which is estimated to take place by the end of this financial year.”  

Comparison with Preceding Year Corresponding Period