Annual Report 2024

OVERVIEW

STRATEGIC &

PERFORMANCE REVIEW

GOVERNANCE

ADDITIONAL

INFORMATION

CORPORATE PROFILE

BUILDING THE RIGHT THING | The Journey Continues...

YTL Corp is one of the largest companies listed on the Main Market of Bursa Malaysia Securities Berhad and is a component of the FTSE Bursa Malaysia KLCI, as well as the FTSE4Good Bursa Malaysia Index. YTL Corp has a secondary listing on the Prime Market Foreign Stocks Segment of the Tokyo Stock Exchange and was the first non-Japanese Asian company to list on the Tokyo exchange in 1996.

The YTL Corp Group's entities listed on the Main Market of Bursa Malaysia Securities Berhad are YTL Power International Berhad, YTL Hospitality REIT, Malayan Cement Berhad and Ranhill Utilities Berhad. The Group also has a minority stake in Starhill Global Real Estate Investment Trust, which is listed on the Mainboard of the SGX-ST, the Singapore stock exchange.

Utilities

Construction

Hotel Operations

Business

Segments

Cement & Building Materials Industry

Property Investment & Development

Management Services & Others

BOARD OF DIRECTORS

Executive Chairman

Tan Sri (Sir) Francis Yeoh Sock Ping

PSM, KBE, CBE, FICE, SIMP, DPMS, DPMP, JMN, JP Hon LLD (Nottingham), Hon DEng (Kingston), BSc (Hons) Civil Engineering

FFB, F Inst D, MBIM, RIM

Managing Director

Dato' Yeoh Seok Kian

DSSA

BSc (Hons) Bldg, MCIOB, FFB, (Hon) D.Univ

Directors

Dato' Yeoh Soo Min

DSPN, DPMP, DIMP

BA (Hons) Accounting

Dato' Seri Yeoh Seok Hong

SPMS, DSPN, JP

BEng (Hons) Civil & Structural Engineering,

HonDSc, FFB

Dato' Sri Michael Yeoh Sock Siong

DIMP, SSAP

BEng (Hons) Civil & Structural Engineering, FFB

Dato' Yeoh Soo Keng

DIMP

BSc (Hons) Civil Engineering

Dato' Mark Yeoh Seok Kah

DSSA

LLB (Hons)

Syed Abdullah Bin Syed Abd. Kadir

BSc (Engineering Production), BCom (Economics)

Raja Noorma Binti Raja Othman

BBA (Deans List)

Choo Yoo Kwan @ Choo Yee Kwan

FCB, BEcons (Hons), LLB (Hons)

Barrister-at-Law (Lincoln's Inn)

Tang Kin Kheong

Member of the Malaysian Institute of Certified Public Accountants

Member of the Malaysian Institute of Accountants

Sharifatu Laila Binti Syed Ali

MBA, BSc (Hons)

COMPANY SECRETARY

Ho Say Keng

REGISTERED OFFICE

33rd Floor, Menara YTL

205 Jalan Bukit Bintang

55100 Kuala Lumpur

BUSINESS OFFICE

33rd Floor, Menara YTL

205 Jalan Bukit Bintang

55100 Kuala Lumpur

Tel : 603 2038 0888

Fax : 603 2038 0388

REGISTRAR

33rd Floor, Menara YTL

205 Jalan Bukit Bintang

55100 Kuala Lumpur

AUDIT COMMITTEE

Tang Kin Kheong

(Chairman and Independent

Non-Executive Director)

Choo Yoo Kwan @ Choo Yee Kwan

(Independent Non-Executive Director)

Raja Noorma Binti Raja Othman

(Independent Non-Executive Director)

Sharifatu Laila Binti Syed Ali

(Independent Non-Executive Director)

NOMINATING COMMITTEE

Choo Yoo Kwan @ Choo Yee Kwan

(Chairman and Independent

Non-Executive Director)

Raja Noorma Binti Raja Othman

(Independent Non-Executive

Director)

Tang Kin Kheong

(Independent Non-Executive

Director)

REMUNERATION COMMITTEE

Choo Yoo Kwan @ Choo Yee Kwan

(Chairman and Independent

Non-Executive Director)

Raja Noorma Binti Raja Othman

(Independent Non-Executive

Director)

Tang Kin Kheong

(Independent Non-Executive

Director)

AUDITORS

HLB Ler Lum Chew PLT (201906002362 & AF 0276) Chartered Accountants

(A member of HLB International)

STOCK EXCHANGE LISTING

Bursa Malaysia Securities Berhad

Main Market (3.4.1985)

Tokyo Stock Exchange

Prime Market Foreign Stocks Segment (29.2.1996)

Operationally, our business segments have once again delivered outstanding results, propelled by a favourable operating environment and ongoing improvements in efficiency and cost- effectiveness. These achievements reflect our steadfast commitment to operational excellence and our strategic initiatives, which continue to strengthen our market positions and enhance our financial performance.

In Malaysia, the construction industry remains a cornerstone of domestic economic growth, driven by key infrastructure projects, urban development initiatives and non-residential ventures such as manufacturing, logistics facilities, data centers and semiconductor factories.

Overall, the country's increasing attractiveness as a destination for Foreign Direct Investment (FDI) in a widening number of sectors like manufacturing, logistics and, now, technology, is particularly noteworthy, as it is expected to further boost economic growth, development and expansion.

Our Group is well-positioned to capitalise on these opportunities. The integration of our operations across the utilities, construction, cement and property sectors, coupled with strong operation and maintenance (O&M) capabilities, allows us to provide comprehensive, end-to-end solutions, ensuring stringent quality control and expeditious execution and completion of projects. This integration, combined with our extensive industry experience and expertise, underpins our leadership position.

STRATEGIC & PERFORMANCE REVIEW

EXECUTIVE CHAIRMAN'S STATEMENT

Economic Review

The Malaysian economy demonstrated resilience in 2023, achieving gross domestic product (GDP) growth of 3.7% despite a challenging external environment. This performance was supported by robust domestic demand, a recovery in tourism and improved labour market conditions. In 2024, growth accelerated to 4.2% in the first quarter and 5.9% in the second quarter, driven by improvements in domestic demand and exports

updates & reports).

In the other major economies where the Group operates, the United Kingdom recorded modest GDP growth of 0.1% for the 2023 calendar year. The UK economy improved in 2024, expanding by 0.3% in the first quarter and 0.9% in the second quarter on a year-on-year basis. Meanwhile, Singapore's economy grew by 1.1% in 2023, with growth rising to 3.0% and 2.9%, respectively, in the first and second quarters of 2024

& Industry, UK Office for National Statistics updates & reports).

The Utilities segment recorded higher revenue of RM21,176.1 million for the financial year ended 30 June 2024 compared to RM21,067.4 million for the previous financial year ended 30 June 2023, and higher profit before tax of RM3,311.7 million this year over RM2,132.7 million last year.

Higher revenue was driven mainly by growth in the non- household retail market and an increase in prices allowed by the regulator in the water and sewerage sub-segment, as well as higher project revenue in the telecommunications division. Whilst the power generation sub-segment recorded lower revenue stemming from a decrease in pool prices, the segment drove the higher profit before tax for the financial year under review due to better margins and lower interest expenses following early loan repayments.

The Cement & Buildings Materials Industry division saw higher revenue of RM5,387.0 million for the financial year ended 30 June 2024 compared to RM4,821.2 million for the previous financial year ended 30 June 2023, with profit before tax rising to RM783.5 million this year compared to RM383.2 million last year. The better performance resulted from stabilisation in selling prices for both domestic cement and ready- mixed concrete, along with continued improvements in operational efficiencies.

In the Construction segment, revenue was lower at RM787.0 million for the financial year under review compared to RM1,203.5 million last year, due primarily to a decrease in work done in respect of third-party construction projects secured from external parties despite higher intergroup revenue which is eliminated on consolidation. However, profit before tax was higher at RM15.3 million this year over RM10.0 million last year as a result of better margins from variation orders on construction contracts recognised during the year.

The Property Investment & Development division registered revenue of RM397.0 million this year compared to RM407.1 million last year, with profit before tax increasing to RM83.1 million during the 2024 financial year compared to a loss before tax of RM71.8 million last year.

Sales recorded from ongoing projects and the sale of land partially mitigated the absence of project revenue, whilst profit recognition from ongoing projects and land sales, coupled with a higher share of profits from an associated company and a joint venture, drove the increase in profit before tax for the year under review.

In the Hotel Operations segment, revenue rose to RM1,603.3 million for the financial year ended 30 June 2024 compared to RM1,313.8 million last year, with higher profit before tax of RM286.7 million for the year under review compared to RM160.2 million last year. The better performance arose from a gain in market share, as well as higher overall occupancy and room rates across all hotel assets.

The Management Services & Others segment recorded higher revenue of RM1,140.3 million for the financial year under review compared to RM803.1 million last year and profit before tax of RM352.7 million this year over 114.8 million last year. The improved results were due mainly to higher interest income and a fair value gain arising from the acquisition of shares in Ranhill Utilities Berhad, partially offset by a lower share of profits from investments.

SUSTAINABILITY

YTL Corp has been a component of Bursa Malaysia Securities Berhad's FTSE4Good Index since 2017 and, this year, YTL Corp's listed subsidiary, YTL Power International Berhad, was also added to the index. Ranhill Utilities Berhad, which joined the Group towards the end of the financial year, is also a component of the index.

In new developments on this front, the Group's subsidiary, YTL PowerSeraya Pte Limited, was awarded the right to build, own and operate a 600-megawatthydrogen-ready combined cycle gas turbine unit in Singapore. The new plant will be at least 30% volume hydrogen-ready, with the ability to be retrofitted to become 100% hydrogen-ready operationally.

In line with this ongoing and critical pursuit of low carbon energy solutions, YTL PowerSeraya will also invest more than SGD5.0 million to expand the amount of solar power generated at Pulau Seraya Power Station to 5 megawatts peak (MWp), up from the existing 1 MWp. The increased capacity, which can produce a monthly average of 417 MWh under optimal conditions, would support more than 1,000 four-room Housing Board flats monthly.

The Group's cement division continued to make good progress in promoting sustainable construction practices. The launch of its ECO Product range highlights this dedication to environmental stewardship and innovation. Additionally, proactive collaborations with stakeholders demonstrate this ongoing commitment to driving positive change within the industry.

These include the ongoing Simen Rahmah project, in partnership with the Cement and Concrete Association (C&CA), which was launched in 2023. This initiative saw the delivery of the first batch of Simen Rahmah in April 2024. Under this project, participating members of the C&CA will collectively supply one million tonnes of cement at a special price for the construction of approved affordable housing projects, thereby supporting national housing goals.

Further information can be found in the Group's Sustainability Report 2024, published as a stand-alone report in conjunction with this Annual Report.

OUTLOOK

Whilst the trajectory of inflation, geopolitical events and broader financial market conditions, and the effects of these developments on the Malaysian economy and the wider global economy remain to be seen, the Group will continue to pursue its long-proven strategies to maintain financial and operational resilience across its operating divisions.

DATO' YEOH SEOK KIAN

DSSA

Singapore 52% RM15.9 billion

Revenue

RM30.5 Billion

Other Countries 7%

RM2.3 billion

Malaysia 23% RM6.9 billion