YTL Corporation

Last updated

YTL Corporation Berhad
Company type Public
MYX: 4677 and TYO: 1773
ISIN MYL4677OO000
IndustryPower Generation, Water & Sewerage, Cement Manufacturing, Construction, Property Development, Hotels & Resorts, Telecommunication & Technologies, Digital Banking, Data Center, Artificial Intelligence (AI), Cloud Computing, Renewable Energy and Education.
Founded1955
FounderTan Sri Dato’ Seri (Dr) Yeoh Tiong Lay
HeadquartersMenara YTL, 205 Jalan Bukit Bintang, 55100 Kuala Lumpur, Malaysia.
Area served
Malaysia, Singapore, United Kingdom, Australia, France, Indonesia, Japan, Jordan, Netherlands, Thailand and Vietnam.
Key people
Tan Sri Dato’ Dr (Sir) Francis Yeoh Sock Ping, Executive Chairman; Dato’ Yeoh Seok Kian, Managing Director.
RevenueIncrease2.svg RM 29.62 billion (2023)
Increase2.svg RM 2.12 billion (2023)
Total assets Increase2.svg RM 81.46 billion (2023)
Market cap Increase2.svg RM 43.36 billion (June 2024)
Related indicesIncrease2.svg RM 103.65 billion (Combined Group Market Cap as of June 2024)
Number of employees
12,627
Subsidiaries YTL Power International Berhad, Malayan Cement Berhad, YTL Construction Sdn Bhd, YTL Land & Development Berhad, YTL Hotels & Properties Sdn Bhd, Starhill Global Real Estate Investment Trust, Express Rail Link Sdn Bhd, YTL e-Solutions Bhd and YTL-SV Carbon Sdn Bhd
Website www.ytl.com

YTL Corporation is a Malaysian conglomerate.

Overview of YTL Corporation Berhad

YTL Corporation Berhad (YTL Corp) was founded by the late Tan Sri Dato' Seri (Dr) Yeoh Tiong Lay in 1955. It started as a small construction company as Syarikat Pembenaan Yeoh Tiong Lay Sdn. Bhd. (SPYTL or YTL Construction), which is the first turnkey contractor in Malaysia. [1] YTL Corp is an integrated infrastructure developer domiciled in Malaysia. YTL Corp has extensive operations in Malaysia, Singapore and the United Kingdom (UK), as well as businesses, investments and projects under development in other countries such as Australia, France, Indonesia, the Hashemite Kingdom of Jordan, the Netherlands, Thailand and Vietnam.

Contents

The core business of the YTL Corporation and its subsidiaries (YTL Corp Group) consists of power generation, water & sewerage, cement manufacturing, construction, property development, hotels & resorts, telecommunication, digital banking, data center, artificial intelligence (AI), cloud computing, renewable energy and education. Utilities are the largest revenue contributor (71%), followed by cement manufacturing (16%), construction (4%), hotel operations (4%) and others.

With a market capitalisation of RM 43.36 billion, YTL Corp is amongst the largest companies listed on Bursa Malaysia Securities Berhad (Kuala Lumpur Stock Exchange, KLSE). As of June 2024, the total combined group market capitalisation is RM 103.65 billion. Since 1996, 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. [2]

YTL Corp’s listed entities in Malaysia are YTL Power International Berhad, Malayan Cement Berhad, YTL Hospitality REIT and Ranhill Utilities Berhad. YTL Corp also has a stake in Starhill Global Real Estate Investment Trust, which is listed on the Mainboard of the SGX-ST, the Singapore stock exchange. As of November 2023, YTL Corp and YTL Power are included as a constituent of the FTSE Bursa Malaysia KLCI (FBM KLCI) index. [3] Furthermore, YTL Corp and YTL Power has been listed in Fortune Southeast Asia 500 for the year 2024 as 47th and 78th respectively. The ranking of the 500 Largest Companies in Southeast Asia is based on the revenue for the fiscal year 2023.

As of June 2023, the financial highlights of YTL Corp Group are as follows:

Subsidiaries of YTL Corporation Berhad

YTL Corp’s major subsidiaries are YTL Power International Berhad, Malayan Cement Berhad, YTL Construction Sdn Bhd, YTL Land & Development Berhad, YTL Hotels & Properties Sdn Bhd, Starhill Global REIT, Express Rail Link Sdn Bhd, YTL e-Solutions Berhad and YTL-SV Carbon Sdn Bhd.

YTL Power International Berhad

YTL Power International Berhad (YTL Power), the utilities arm of YTL Corp, is an international multi-utility owner and operator active across key segments of the utilities industry. The company has operations, investments and projects under development in Malaysia, Singapore, the United Kingdom, Indonesia, the Hashemite Kingdom of Jordan, and the Netherlands. The utilities segment continues to be YTL Corp Group’s largest operating segment, contributing 71% of the revenue for the financial year ended 30 June 2023.

YTL Power has been listed on Bursa Malaysia (the Kuala Lumpur Stock Exchange) since 23 May 1997. As of June 2024, the market capitalisation of YTL Power is about RM 45.05 billion, ranking #8 by market capitalisation in KLSE. In addition, YTL Power is included in the FTSE4Good Bursa Malaysia (F4GBM) Index. As of November 2023, YTL Power is included as a constituent of the FBM KLCI index. [4] Furthermore, YTL Power has been listed in Fortune Southeast Asia 500 for the year 2024, ranking 78th. The ranking of the 500 Largest Companies in Southeast Asia is based on the revenue for the fiscal year 2023. [5]

In December 2023, YTL Power collaborated with U.S. technology giant, NVIDIA Corporation (NVIDIA) to build artificial intelligence (AI) infrastructure and bring the fastest supercomputers to Malaysia by the middle of 2024, in a USD 4.3 billion (RM 20.6 billion) investment deal. [6]

In March 2024, YTL Power announced the formation of YTL AI Cloud, a specialised provider of massive-scale GPU-based accelerated computing. The supercomputer will be interconnected by NVIDIA Quantum InfiniBand networking platform. The YTL AI Supercomputer will surpass more than 300 exaflops of AI compute, making it one of the fastest supercomputers in the world. [7]

As of June 2023, the financial highlights of YTL Power are as follows:

YTL Power’s key subsidiaries are as follows:

YTL Cement Berhad & Malayan Cement Berhad

YTL Cement Berhad (YTL Cement) is Malaysia’s pioneer and largest building materials group, which is 98.04% owned by YTL Corp. With a network of cement plants, terminals, ready-mixed concrete batching facilities, drymix operations, and aggregate quarries.

In 2019, YTL Cement acquired a 51% stake in Lafarge Malaysia to elevate operational efficiencies in logistics, distribution and procurement, as well as to achieve cost synergies through economies of scale. [8] YTL Cement has been involved in the construction of the Petronas Twin Towers, KL Tower, KL Smart Tunnel, Penang 2nd bridge, and Resort World Singapore.

On 21 September 2021, Malayan Cement Berhad (MCB), a member of YTL Cement, successfully completed the acquisition of YTL Cement Berhad’s entire cement and ready-mixed businesses in Malaysia. YTL Cement’s shareholding in MCB increased from 76.98% to approximately 78.58% upon completion of the proposed transaction. [9] MCB is now Malaysia’s leading building materials group, operating four integrated cement plants located in Langkawi, Kanthan, Padang Rengas, and Bukit Sagu. The Rawang plant, with a 72-year history, is currently offline for planned refurbishments.

In addition to its cement plants, MCB operates a network of facilities comprising four grinding stations, three cement terminal facilities, two cement depots, more than 70 ready-mixed concrete batching plants, two drymix plants, and two aggregate quarries spanning Peninsular Malaysia. As of July 2024, YTL Cement is planning to acquire an 81.34% stake in Singapore-listed NSK Ltd for SGD 227.61 mil (RM 792.36 mil) in cash, to expand its industrialised building systems (IBS) business. [10]

Since March 1961, MCB has been listed on Bursa Malaysia (the Kuala Lumpur Stock Exchange). As of June 2024, the market capitalisation of MCB is about RM 7.14 billion.

As at 30 June 2023, the financial highlights of MCB are as follows:

YTL Construction Sdn Bhd

YTL Construction Sdn Bhd (YTL Construction), previously known as Syarikat Pembenaan Yeoh Tiong Lay (SPYTL) is the construction arm of YTL Corp. It is principally involved in the construction of large-scale infrastructures including power plants, airport, hospitals, railway lines and telecommunications, as well as commercial and residential properties.

YTL Construction is the first turnkey contractor in Malaysia and has successfully completed over RM 20 billion worth of contracts on schedule and on budget. YTL Construction received the highest construction rating award, with a CIDB score of 5-star as a CIDB Grade G7 contractor.

In 1993, YTL Construction built and completed both gas-fired combined cycle power plants at Paka, Terengganu and Pasir Gudang, Johor with a total combined capacity of 1,212 MW. In September 2017, the Paka power plant was awarded a supplementary PPA for a further period of 3 years and 10 months . [11]

Additionally, YTL Construction was awarded the task of designing, constructing and maintaining a fully intermodal airport facility in Sibu, Sarawak. The design of the airport is intended to accommodate a total operational capacity of 1.5 million passengers per year, as well as meet the changing demands of passengers and airlines. [12]

Furthermore, YTL Construction has a longstanding interest in hospitals and healthcare buildings, leading to the pioneering design and construction of 12 nucleus concept hospitals. These hospitals were a turnkey project, whereby YTL Construction took full responsibility of the commissioning, maintenance and execution of the fully equipped healthcare facilities in Batu Pahat, Sabak Bernam, Port Dickson, Kulim, Sungai Siput, Seberang Jaya, Kuala Pilah, Segamat, Kulai, Miri, Labuan and Sipitang. [13]

In 2002, YTL Construction completed the construction of the Express Rail Link (ERL) train stations, as well as the engineering works for Malaysia’s first high-speed rail service connecting KLIA to the KL city centre. The ERL is the fastest and cheapest high-speed rail in Southeast Asia.

In 2014, YTL Construction undertook the extension of the ERL service connecting KLIA with KLIA2, and subsequently won the Global AirRail Awards (GARA) for the third time through Express Rail Link Sdn Bhd (ERLSB). [14] In 2024, the federal government and ERLSB signed a new supplementary concession agreement. The 30-year concession agreement will run from 2029 to 2059 and will allow the operator of the KLIA Ekspres and KLIA Transit city-to-airport services to implement a ‘market-driven’ fare structure. [15]

Furthermore, YTL Construction, together with its joint venture partner, SIPP Rail Sdn. Bhd. was appointed as the local subcontractors to carry out the design, construction, supply, installation, completion, testing, commissioning and maintenance for the 197km electrified double track project from Gemas to Johor Bahru. [16] The new link will reduce the travelling time between Gemas and Johor Bahru to just 90 minutes.

YTL Land and Development Berhad

YTL Corp’s residential property development activities, such as building houses, apartments and condominiums, are implemented through its subsidiary, YTL Land and Development Berhad (YTL Land). YTL Land currently has a land bank of more than 2,000 acres of strategic development land in Malaysia. The estimated sales value is RM 12 billion. [17]

YTL Land’s Sentul Masterplan was unveiled in 2002, including Sentul West and Sentul East. In 2010, Lake Edge in Puchong was another of YTL Land’s developments that transformed a disused mining area into a residential development with terraced houses, semi-detached homes and bungalows.

Furthermore, in 2011, YTL Land completed the construction of Sandy Island & Kasara. [18] In 2012, Sandy Island development won Best Residential (Low Rise) Award at the 2nd FIABCI Singapore Property Awards.

In 2018, YTL Land launched its freehold condominium, 3 Orchard By-the-Park, the first luxury high-rise project in Singapore. In October 2019, YTL Land’s 3 Orchard By-the-Park won six awards at the EdgeProp Singapore Excellence Awards 2019: Design Excellence Award (Developer & Architect), People’s Choice Award, Top Boutique Development Award, Top Development Award and Top Luxury Development Award. [19]

In August 2023, YTL Land announced its new high-rise development in Puchong with a fresh take on lakeside living, Danau Puchong. Additionally, YTL Land launched its Dedaun Rimba project, located within the 2,259-acre Kwasa Damansara township development. In February 2024, all link houses were fully sold, and its townhouses were 80% taken up during a sale preview. [20]

Currently, among YTL Land’s largest projects is Sentul, an innovative 294-acre residential and commercial development known as Malaysia’s first private gated park in Kuala Lumpur. Over the next seven years, Sentul is expected to generate an estimated RM 8 billion in sales. [21]

Completed and on-going projects by YTL Land are as follows:

Before 2012:

From 2013 – 2018:

From 2019 – 2024:

On-going projects:

YTL Hotels & Properties Sdn Bhd

YTL Corp’s hotel management and development activities are undertaken primarily through YTL Hospitality Real Estate Investment Trust (YTL Hospitality REIT) and its wholly-owned subsidiary, YTL Hotels & Properties Sdn Bhd (YTL Hotels). YTL Corp holds a 56.96% stake in YTL Hospitality REIT, which was listed on Bursa Malaysia (the Kuala Lumpur Stock Exchange) in 2005. As of June 2024, the market capitalisation of YTL Hospitality REIT is about RM 2.13 billion.

In 1985, YTL Hotels opened Pangkor Laut Resort. Additionally, Vistana Kuala Lumpur, a moderately-priced hotel that began operations in 1996, has become a player in Malaysia’s hospitality industry. In 1997, the five-star Ritz Carlton Hotel began operations. Subsequently, YTL Hotels opened Tanjong Jara Resort, Vistana Kuantan and Vistana Penang in 1999.

In 2020, the opening of AC Hotel Kuala Lumpur Titiwangsa, AC Hotel Kuantan City Centre and AC Hotel Penang Bukit Jambul (rebranded from its previous name, Vistana), marked the Spanish brand’s entry into the Asia-Pacific region. [22]

YTL Hospitality REIT plans to develop a hotel in Niseko Village, Japan with a land mass of 1,520 acres and gross development value of USD 8 billion (RM38 billion). As of May 2024, YTL Hospitality REIT has outlined plans for a new hotel development in Hokkaido, Japan, with an estimated total investment of RM 199 million. The planned development involves a five-storey hotel with a two-storey basement under the Moxy brand, a segment of Marriott’s millennial-focused brand. [23]

List of properties owned by YTL Hotels:

  1. Sydney Harbour Marriott Hotel
  2. Melbourne Marriott Hotel
  3. Brisbane Marriott Hotel
  4. The Westin Perth
  1. Muse Saint-Tropez, France
  2. The Glasshouse, Edinburgh
  3. The Hague Marriott Hotel
  4. Threadneedles Hotel
  5. Muse Bray Cottages, United Kingdom
  6. Muse Casa Marbella, Spain
  7. The Gainsborough Bath Spa Hotel
  8. The Academy Hotel
  9. Monkey Island Estate
  1. Higashiyama Niseko Village, a Ritz-Carlton Reserve
  2. Hilton Niseko Village
  3. The Green Leaf Niseko Village
  4. Kasara Niseko Village Townhouse
  5. Hinode Hills Niseko Village
  1. The Ritz-Carlton Kuala Lumpur
  2. The Residences at The Ritz-Carlton
  3. JW Marriott Kuala Lumpur
  4. Pangkor Laut Resort
  5. Tanjong Jara Resort
  6. Cameron Highlands Resort
  7. Gaya Island Resort
  8. The Majestic Hotel Kuala Lumpur
  9. The Majestic Malacca
  10. Hotel Stripes Kuala Lumpur
  11. AC Hotel Kuala Lumpur Titiwangsa
  12. AC Hotel Kuantan City Centre
  13. AC Hotel Penang Bukit Jambul
  14. Pulau Tiga (Coming soon)
  1. The Surin, Phuket.
  2. The Ritz-Carlton, Koh Samui.
  1. Spa Village Resort Tembok Bali, Indonesia

Starhill Global Real Estate Investment Trust (Starhill Global REIT)

In 1999, when the neighbourhood was a high-crime-red-light district, YTL Corp acquired Lot 10, Starhill Shopping Centres and the JW Marriott Hotel from Taiping Co to prevent further deterioration. [24]

Starhill Global Real Estate Investment Trust (Starhill Global REIT) is a Singapore-based real estate investment trust investing in real estate used for retail and office purposes, both in Singapore and overseas. YTL Corp has an effective interest of 37.18% in Starhill Global REIT, which was listed on the Mainboard of the SGX-ST, the Singapore stock exchange in 2005. As of June 2024, the market capitalisation of Starhill Global REIT is about RM 3.83 billion.

The Singapore-based real estate investment trust had an initial property portfolio comprising stakes in two landmark properties along Singapore’s famed Orchard Road shopping belt, namely Ngee Ann City and Wisma Atria. In 2008, Starhill Global REIT acquired seven properties located in the prime areas of Roppongi, Shibuya-ku, Minato-ku and Meguro-ku in Tokyo, and a premier retail property in Chengdu, China. [25]

In 2010, Starhill Global REIT acquired Starhill Gallery and parcels in Lot 10 in Kuala Lumpur, Malaysia, and the David Jones Building in Perth, Australia, increasing the trust’s portfolio size to approximately SGD 2.1 billion / RM 7.4 billion. [26]

YTL Corp owns a 45% stake in Express Rail Link Sdn Bhd (ERLSB) and its wholly-owned subsidiary, ERL Maintenance Support (E-MAS). E-MAS serves as a consultant to rail projects around the world.

In 1997, ERLSB was awarded the concession to operate the high-speed rail link between KLIA and KL Sentral under a 30-year concession. The ERL is the fastest and cheapest high-speed rail in Southeast Asia. In 2014, YTL Construction undertook the extension of the ERL service connecting KLIA with KLIA2, and subsequently won the Global AirRail Awards (GARA) for the third time through ERLSB.

In January 2024, the federal government and ERLSB signed a new supplementary concession agreement. The 30-year concession agreement will run from 2029 to 2059 and will allow the operator of the KLIA Ekspres and KLIA Transit city-to-airport services to implement a ‘market-driven’ fare structure.

YTL e-Solutions Berhad

YTL Corp undertakes IT and e-commerce initiatives through YTL e-Solutions Berhad, founded in 2000. YTL e-Solutions Berhad is a digital solutions company focusing on web and applications development, IT & network services, content creation and digital out-of-home media to cater to advertising and marketing needs. For instance, infoscreen media on the Express Rail Link (ERL) to KLIA and KLIA2 reaches over 1 million people who utilise the train service daily. [27] Other than that, YTL e-Solutions Berhad assists organisations in designing and developing websites and applications to reach their business goals.

YTL-SV Carbon Sdn Bhd

YTL-SV Carbon Sdn Bhd, founded in 2006, has maintained its position as one of the top Clean Development Mechanism (CDM) developers and Greenhouse Gas (GHG) inventory consultants in Southeast Asia. For instance, YTL-SV Carbon Sdn Bhd helps organisations in GHG inventories, emissions target-setting and GHG-related policy development to accurately assess, monitor and track their GHG emission performance. [28]

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References

  1. ↑ YTL official website. https://ytl.com/.
  2. ↑ "YTL Corporation Berhad - About Us".
  3. ↑ "YTL Corp, YTL Power International join KLCI constituents".
  4. ↑ "YTL Corp, YTL Power International join KLCI constituents". The Star. Retrieved 3 July 2024.
  5. ↑ "Malaysia has 89 companies in first Fortune 500 list of South-East Asia's largest companies; Maybank is country's top brand". The Star. Retrieved 3 July 2024.
  6. ↑ "YTL, NVIDIA to build AI infrastructure, bring fastest supercomputers to Malaysia by mid-2024". The Star. Retrieved 3 July 2024.
  7. ↑ "YTL Power creates advanced supercomputer to meet demand for cloud-based solutions".
  8. ↑ "YTL Corporation Berhad - YTL Cement Berhad Acquires 51% Stake in Lafarge Malaysia Berhad & Extends Mandatory General Offer for the Remaining Shares".
  9. ↑ "Malayan Cement to take over YTL Cement's cement and ready-mixed concrete biz in RM5.16b deal".
  10. ↑ "YTL Cement to acquire 81% stake in Singapore firm for RM792 mil for IBS expansion". 23 July 2024.
  11. ↑ "Infrastructure - Activities". YTL Construction. Retrieved 3 July 2024.
  12. ↑ "Infrastructure - Activities".
  13. ↑ "Infrastructure - Activities".
  14. ↑ "YTL Sustainability - YTL's Express Rail Link receives international recognition for its Partnership Initiatives at The Global AirRail Awards 2019". www.ytl.com. Retrieved 3 July 2024.
  15. ↑ "ERL gets 30-year concession extension till 2059, free to set 'market-driven fare' for KLIA Ekspres/Transit - paultan.org". Paul Tan's Automotive News. 26 January 2024. Retrieved 3 July 2024.
  16. ↑ Kaur, Sharen (8 September 2023). "Gemas-JB electrified double-tracks to complete by 2025 | New Straits Times". NST Online. Retrieved 3 July 2024.
  17. ↑ "YTL Corporation Berhad - Property Development".
  18. ↑ "YTL LAND". www.ytlland.com. Retrieved 3 July 2024.
  19. ↑ "YTL Sustainability - Awards and Accolades". www.ytl.com. Retrieved 3 July 2024.
  20. ↑ "Link houses at Dedaun Rimba, Kwasa Damansara sold out in one day". The Star. Retrieved 3 July 2024.
  21. ↑ https://www.ytlland.com/portfolio/sentul, YTL Land - Sentul.
  22. ↑ AC Hotels debuts in Malaysia with trio of properties | TTG Asia, YTL Hotels – Openings of AC Hotels.
  23. ↑ "YTL REIT to develop a Moxy hotel in Hokkaido for RM199 mil". The Edge Malaysia. 29 April 2024. Retrieved 3 July 2024.
  24. ↑ "YTL Corporation Berhad - Land deals in Bukit Bintang climbed from RM200 to RM7,000 psf over a 23-year span". YTL Corporation Berhad - Land deals in Bukit Bintang climbed from RM200 to RM7,000 psf over a 23-year span. Retrieved 3 July 2024.
  25. ↑ "YTL Corporation Berhad - YTL Corp's RM8 Billion Retail & Hotel Assets Under its Control to be Rationalised into Global REITs YTL's Starhill Global REIT in Singapore to Acquire Starhill Gallery & Lot 10 in Malaysia, David Jon". YTL Corporation Berhad - YTL Corp's RM8 Billion Retail & Hotel Assets Under its Control to be Rationalised into Global REITs YTL's Starhill Global REIT in Singapore to Acquire Starhill Gallery & Lot 10 in Malaysia, David Jon. Retrieved 3 July 2024.
  26. ↑ https://www.ytl.com/shownews.asp?newsID=188, Starhill Global REIT Acquired Lot10 & Starhill.
  27. ↑ "YTL e-Solutions Bhd". ytlesolutions.com. Retrieved 3 July 2024.
  28. ↑ "YTL SV CARBON". www.ytl-svcarbon.com. Retrieved 3 July 2024.
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