KUALA LUMPUR (Aug 21): Integrated infrastructure developer YTL Corp Bhd's (KL:YTL) net profit for its fourth financial quarter ended June 30, 2024 (4QFY2024) slipped 2.5% to RM534.48 million from RM548.03 million a year earlier on lower revenue.

This resulted in a lower earnings per share of 4.86 sen for 4QFY2024 compared with 5.0 sen in 4QFY2023.

Revenue for the quarter also fell 10.2% to RM8.27 billion from RM9.21 billion in 4QFY2023.

In a filing with Bursa Malaysia on Wednesday, YTL Corp said its construction segment recorded lower revenue in 4QFY2024 due to decrease in work done in respect of construction projects secured from external parties.

The group also saw a decrease in revenue from its cement and building materials segment due to lower sales recorded by its domestic quarry and overseas cement divisions. Additionally, revenue from its property investment and development division was lower primarily due to the absence of a one-off project revenue in 4QFY2024.

Nevertheless, the group declared an interim dividend of 4.5 sen per share for the financial year ended June 30, 2024 (FY2024), payable November 29.

The group ended FY2024 on a positive footing, posting a 95.5% increase in net profit to RM2.14 billion from RM1.1 billion in the previous year, while revenue for FY2024 rose 3.1% to RM30.53 billion from RM29.62 billion in FY2023.

Going forward, YTL Corp said management is proactively taking action to ensure construction work-in-progress is on track and to replenish its order book.

"Cement demand is expected to continue to be driven by civil and non-residential sectors including infrastructure, logistics facilities, data centres and factories. Malaysia’s long-term need for housing and infrastructure due to its young population and high urbanisation rate will also help sustain cement demand.

"While wider economic volatility may persist in light of inflationary pressures and geopolitical uncertainties, the group will continue with its pursuit of efficiencies in operations, logistics and distribution," said YTL Corp.

As for its property investment and development segment, YTL Corp is optimistic of achieving an overall satisfactory performance for FY2025.

"The group expects the performance of its business segments to remain resilient as its major business segments are substantially engaged in essential services, and will continue to closely monitor the related risks and impact on all business segments," it added.

YTL Corp shares closed down eight sen or 2.55% to RM3.06 on Wednesday, giving it a market capitalisation of RM33.87 billion. The stock has risen 59.4% so far this year.

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