May 24, 2024 - $YTLPOWR (6742.MY)$ shares fell 9.29% to RM 4.88 in trading on Friday. The company released its quarterly report for period ending March 31, 2024. Revenue fell but net profit increased significantly.
2024 First Quarter Financial Highlights
-The revenue for this quarter is RM 5159.8 million, down 3.8% compared to RM 5357.5 million in the same period last year.
-The net profit (attributable to ordinary equity holders of the parent) for this quarter reached RM 698.69 million, up 34.5% compared to RM 519.64 million in the same period last year.
-This quarter's dividend is declared at 3 sen per share, compared to 2.5 sen in the same period last year.
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Business Outlook
Power Generation:
YTL PowerSeraya, a subsidiary, has an agreement with TNB Genco to export and import 100MW of electricity to Singapore via an interconnector, marking the first commercial supply of electricity from Malaysia to Singapore.
The lifting of Malaysia's export ban on renewable energy is a positive development for the green electricity market, with YTL PowerSeraya well-positioned to participate in the green energy import market.
YTL PowerSeraya won a proposal to develop a 600MW hydrogen-ready CCGT power plant, which aligns with the company's commitment to environmentally sustainable practices.
The power generation segment will focus on customer service, operational efficiency, and exploring diversification into integrated multi-utilities supply.
Water & Sewerage:
Wessex Water, an appointed business, is working towards delivering investment commitments agreed with the regulator and discussing plans for the next price review.
The company is exploring opportunities for organic growth within the wider UK group.
Telecommunications:
YES #FirstTo5G and Infinite data plans are providing unlimited 5G plus 4G data, with plans to extend 5G services across the country in line with DNB's 5G network rollout.
The company is looking to increase its subscriber base through partnerships and collaborations.
Investment Holding Activities:
Development of the YTL Green Data Center Park, co-powered by on-site renewable solar energy, is underway.
The consortium with Sea Limited was awarded a digital banking license, aiming to contribute to Malaysia's digital transformation and broaden financial services access.