YTL Corporation Berhad
Company typePublic
MYX: 4677 and TYO: 1773
ISINMYL4677OO000
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, Hashemite Kingdom of Jordan, Netherlands, Thailand and Vietnam.
Key people
Tan Sri Dato’ Dr (Sir) Francis Yeoh Sock Ping, Executive Chairman; Dato’ Yeoh Seok Kian, Managing Director.
RevenueIncrease RM 29.62 billion (2023)
Increase RM 2.12 billion (2023)
Total assetsIncrease RM 81.46 billion (2023)
Market capIncrease RM 43.36 billion (June 2024)
Related indicesIncrease RM 103.65 billion (Combined Group Market Cap as of June 2024)
Number of employees
12,627
SubsidiariesYTL 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
Websitewww.ytl.com

Overview of YTL Corporation Berhad

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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.

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.

YTL Corp is amongst the largest companies listed on Bursa Malaysia Securities Berhad (Kuala Lumpur Stock Exchange, KLSE). As of June 2024, YTL Corp has a market capitalisation of RM 43.36 billion, ranking #10 by market capitalisation in KLSE. 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.

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 June 2024, YTL Corp, together with its listed entities have a combined group market capitalisation of approximately RM 103.65 billion. As of November 2023, YTL Corp and YTL Power are included as a constituent of the FTSE Bursa Malaysia KLCI (FBM KLCI) index. In addition, YTL Corp won gold at The Edge Malaysia Environmental, Social and Governance (ESG) Awards 2023 due to the sustainability strategy and a strong focus on reducing carbon emissions in multiple industries, especially in the utilities sector [2]. 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:

  • Revenue : RM 29.62 billion
  • EBITDA : RM 6.50 billion
  • Profit Before Tax : RM 2.73 billion
  • Profit After Tax : RM 2.12 billion
  • Total Assets : RM 81.46 billion
  • Total Cash : RM 14.41 billion

Executive Chairman of YTL Corp – Tan Sri Dato’ Dr (Sir) Francis Yeoh Sock Ping

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Tan Sri Dato’ Dr (Sir) Francis Yeoh Sock Ping was appointed to the Board on 6 April 1984 as an Executive Director. He was appointed as the Managing Director of YTL Corp in 1988 which, under his stewardship, has grown from a single listed company into a global integrated infrastructure developer, encompassing multiple listed entities [3]. In 2018, he was redesignated as the Executive Chairman of YTL Corp.

Tan Sri Dato’ Dr (Sir) Francis Yeoh Sock Ping won the inaugural Ernst & Young’s Master Entrepreneur in Malaysia in 2002 and was named Malaysia’s CEO of the Year by CNBC Asia Pacific in 2005. He was conferred the prestigious 2010 Oslo Business for Peace Award and was selected as a Primus Inter Pares (‘First Among Equals’) Honoree from seven internationally renowned recipients. The Oslo Business for Peace Award is the highest distinction given to a business person for outstanding accomplishments in the area of ethnical business [4].

In 2018, Tan Sri Dato’ Dr (Sir) Francis Yeoh Sock Ping was conferred the prestigious Order of the Rising Sun, Gold Rays with Rosette by the Emperor of Japan for his contribution to promoting tourism and strengthening economic relations between Japan and Malaysia [5]. In the same year, the Italian government conferred upon him the honour of Grande Ufficiale of the Order of the Star of Italy.

In addition, Tan Sri Dato’ Dr (Sir) Francis Yeoh Sock Ping was conferred the honorary British award of Knight Commander of The Most Excellent Order of the British Empire (KBE) by Her Majesty Queen Elizabeth II for services to UK-Malaysian bilateral relations. The award was presented by His Royal Highness Prince Charles at his official residence at Clarence House on 13 October 2019. In 2022, he was awarded the PropertyGuru Real Estate Personality of the Year for Malaysia. The award is given to individuals who have made a significant impact in the Asian real estate sector.

Table of Content

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  1. Overview of YTL Corporation Berhad
  2. Subsidiaries of YTL Corporation Berhad
  3. Renewable Energy Track Records
  4. References

Subsidiaries of YTL Corporation Berhad

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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

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YTL Power International Berhad (YTL Power) is the utilities arm of YTL Corp. YTL Power is an international multi-utility owner and operator. 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.

In 1992, Malaysia experienced a nationwide blackout. To overcome the shortage of power, the government introduced Independent Power Producers (IPPs) into the power industry.[6] Subsequently, YTL Power became Malaysia’s first IPP to complete and commission both gas-fired combined cycle power plants at Paka, Terengganu and Pasir Gudang, Johor with a total combined capacity of 1,212 MW. The open-cycle plant was completed in a world-record time of 10 months and the gas-fired combined cycle plant was completed in 22 months.

The development of the combined-cycle power plant was financed through the ringgit denominated currency (the first 15-year long term bond) issued by the Employees Provident Fund (EPF) in which the use of such financing was able to successfully mitigate the influence of the Asian Financial Crisis at the time.[7] In September 2017, the Paka power plant was awarded a supplementary PPA for a further period of 3 years and 10 months.

YTL Power has been listed on Bursa Malaysia (the Kuala Lumpur Stock Exchange) since 23 May 1997 on the Main Market of the exchange under the Gas, Water & Multi-Utilities sub-sector of the Utilities sector. 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.[8] 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.[9]

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

  • Revenue  : RM 21.89 billion
  • EBITDA : RM 4.98 billion
  • Profit Before Tax : RM 2.45 billion
  • Profit After Tax : RM 2.03 billion
  • Total Assets : RM 59.13 billion
  • Total Cash : RM 9.00 billion

YTL Power’s key subsidiaries are set out below.

ElectraNet Pty Ltd – Australia

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In 2000, YTL Power made its first significant foreign investment by acquiring a 33.5% equity interest in ElectraNet Pty Ltd (ElectraNet) for AUD 58.5 million (approximately RM 122.9 million).[10] ElectraNet is an electricity transmission company in South Australia serving regional transmission under a 200-year lease. ElectraNet transmits power over long distances from regional generators and interstate sources to metropolitan and regional areas including large, direct-connect industrial customers.

Electranet has connected more than 3.5 GW of renewable energy to Australia’s National Energy Market, including large-scale wind and solar generation, as well as grid-scale Battery Energy Storage Systems.

In 2022, YTL Power divested its stake in ElectraNet to Australian Utilities Pty Ltd for a consideration of approximately RM 3.07 billion, generating RM 2.2 billion in gains upon completion of the transaction.[11]

Wessex Water Limited – United Kingdom

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In May 2002, YTL Power, as the only Malaysian company, successfully acquired 100% of Wessex Water Limited (Wessex Water) against 26 bidders. Wessex Water provides water and wastewater services to 2.9 million customers in the southwest of England.

Furthermore, Wessex Water is regulated by the Water Services Regulation Authority (known as Ofwat), the economic regulator for the UK water industry, and holds a licence from the UK government under an instrument of appointment to supply clean water, treat and dispose of wastewater from its operating region. Wessex Water’s regulatory capital value demonstrates ongoing growth since it was acquired by YTL Power in 2002, at GBP 1.3 billion (approximately RM 7.7 billion). As at 30 June 2023, the regulatory capital value is at GBP 4.1 billion (approximately RM 24.4 billion).

In April 2015, through the implementation of the assistance programme, “tap”, the average bills were reduced by 5%. The division aimed to support customers who are financially vulnerable and have difficulty paying their bills. The programme helped more than 21,000 customers pay ongoing charges, repay debt, and offered additional practical help to reduce water and energy bills. A discount of around 20% has been introduced for pensioners on the lowest incomes who often suffer hardship in silence instead of asking for help.[12]

Furthermore, as a result of rising concern in the UK over storm overflows, Wessex Water elevated its investment to GPB 3.0 million per month, at no additional cost to customers in 2022.[13] Wessex Water aims to fully eliminate any discharge from storm overflows by 2050 by proposing a threefold increase in investment to GBP 9.0 million per month.[14]

As of April 2023, Wessex Water was rated as the top-performing water and sewerage company in the latest UK Customer Service Index 2023 by the Institute of Customer Service and retained the National Customer Service Excellent (CSE) quality mark certificate. As of June 2023, Wessex Water’s outstanding performance has led it to become one of only six companies in the UK to have been a three-time winner of the Queen’s Award for Enterprise in Sustainable Development.[15]

Due to the outstanding performance of Wessex Water in UK, YTL Corp was crowned UK-Malaysia Business of the Year at the fourth iteration of the British Malaysia Chamber of Commerce’s (BMCC) Business Excellence Awards. This award recognises the diversified group’s stellar track record of investment in the UK by bringing mutual economic benefit to both the UK and Malaysia. The BMCC also awarded managing director of YTL Corp, Tan Sri Dato’ Dr (Sir) Francis Yeoh Sock Ping with the UK-Malaysia Business Personality of the Year Award, honouring his role in investment developments in Wessex Water.[16]

YTL PowerSeraya Pte Limited - Singapore

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In March 2009, YTL Power acquired a 100% stake in YTL PowerSeraya Pte Limited (YTL PowerSeraya), the second-largest power generation company in Singapore, with a total licensed capacity of 3,100 MW.[17] YTL PowerSeraya operates under a 30-year licence granted by the Energy Market Authority of Singapore. The services provided include generating and retailing electricity as well as fuel management. The plants operated by YTL PowerSeraya contribute more than 35% of Singapore’s total electricity needs

In 2011, YTL PowerSeraya became the first power generation company to export electricity to Malaysia’s national power producer, Tenaga Nasional Berhad, marking the first commercial deal for cross-border sale of electricity between Singapore and Malaysia.

In 2018, YTL PowerSeraya’s retail brand, Geneco, held a market share of 13.5% in the electricity retail market. The retail market consists of customers from the residential, commercial and industrial sectors. YTL PowerSeraya also caters to households and small and medium enterprises. Additionally, in 2022, YTL PowerSeraya acquired Tuaspring Pte Ltd (Tuaspring), a 396 MW combined cycle gas turbine power plant in Singapore. As of June 2023, the strong year-on-year growth in YTL PowerSeraya’s earnings was also boosted by contribution from Tuaspring, which effectively increased YTL PowerSeraya’s capacity by 16.5% [18].

YTL PowerSeraya also collaborated with TNB Power Generation Sdn Bhd in January 2023 for the export and import of 100 MW of electricity to Singapore via a newly upgraded interconnector.[19] In October 2023, YTL PowerSeraya committed to build an additional 4 megawatt-peak (MWp) photovoltaic (PV) system at the Pulau Seraya Power Station (PSPS) on Jurong Island. It is scheduled for completion in September 2024. This expansion to the operational 1MWp solar PV system that was built in 2019 will bring the total solar PV capacity at PSPS to 5MWp [20].

In January 2024, YTL PowerSeraya won the first request for proposal (RFP) for 600 MW hydrogen-ready combined cycle gas turbine (CCGT) under Singapore’s Energy Market Authority’s new Centralised Process framework to develop a 600 MW hydrogen-ready CCGT at Pulau Seraya Power Station (PSPS) site. It is targeted to be completed in December 2027.[21] The framework strategically coordinates private sector investments to ensure sufficient generation capacity by 2028 and safeguard Singapore’s future energy needs.

YTL Communications Sdn Bhd – Malaysia

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In Malaysia, YTL Power owns a 60% stake in YTL Communications Sdn Bhd (YTL Comms), which operates a 4G LTE network using the 2.3 GHz and 2.6 GHz spectrum awarded by the Malaysian Communications and Multimedia Commission (MCMC). The advanced 4G network architecture enables YTL Comms to be the first to launch 5G services, accelerating the country's progress toward becoming a 5G nation.

Since 2010, YTL Comms’ network has provided high-speed mobile services under the Yes brand. Yes worked with the Ministry of Education to provide 10,000 primary and secondary national schools across the country with high-speed 4G internet connection to use the cloud-based Frog VLE (Virtual Learning Environment) platform under the 1BestariNet programme.[22]

In May 2013, Yes 4G, a key component of the 1BestariNet initiative, introduced the world’s first 4G Google Chromebook by Samsung. The Samsung 4G Chromebook was co-developed exclusively by Yes, Samsung and Google to integrate a 4G module that worked seamlessly with Yes’ 4G network which had already covered 85% of the country across over 4,000 base stations. Subsequently, in 2016, YTL Comms became the first mobile operator in the country to introduce Voice-over-LTE (VoLTE) capability for high-definition calls.

On 22 December 2022, Yes received four awards from the MCMC Star Rating Awards 2021 – Best in Quality of Service, Best in Consumer Satisfaction, Best in Corporate Social Responsibility and, significantly, Best Mobile Network Operator. In addition, Yes 5G was recognised as Malaysia’s fastest mobile network in 2022 and 2023 by Ookla during the Speedtest Awards in Barcelona.[23]

In December 2023, YTL Power signed a share subscription agreement to acquire a 14% stake in Digital Nasional Berhad (DNB). In April 2024, the Managing Director of YTL Power, Dato’ Seri Yeoh Seok Hong, was appointed to the Board of DNB as a key member to provide input and direction for advancing Malaysia’s digital infrastructure and adoption of 5G technology across industries, enterprises, the public sector and consumers.[24]

In May 2024, YTL Comms collaborated with Clarion Malaysia to launch Malaysia’s first AI- and robotics-based advanced manufacturing, powered by Yes 5G Private Network. The Yes 5G Private Network provides the critical high-capacity, ultra-low latency communications fabric to enable next-generation smart manufacturing, integrating AI and robotics into the factory floor.[25]

YTL Data Center Holdings Pte Ltd – Malaysia & Singapore

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YTL Data Center Holdings Pte Ltd (YTLDC) is an investment holding company that owns and operates data centers.

Dodid Pte. Ltd.
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In December 2021, YTLDC completed the acquisition of Dodid Pte. Ltd. (Dodid), and subsequently became the owner of a 12.5 MW, Tier-3 data center in Singapore. Dodid was built and commissioned in 2018, with green and state-of-the-art facility that serves the largest hyperscale customers in Asia. This marked YTLDC’s first foray into the data center industry outside Malaysia, and is the initial step towards establishing a regional data center platform in Southeast Asia. YTLDC is working closely with YTL PowerSeraya and its retail arm, Geneco, on green energy solutions to enable the data center to run on renewable energy.[26]

YTL Green Data Center Park
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In 2022, YTL Power embarked on the development of the YTL Green Data Center Park (YTLDC) in Kulai, Johor with a total investment value of RM 15 billion through YTLDC. This will be the first data center campus in Malaysia to be co-powered by on-site renewable solar energy. The data center is located 30 km from Singapore in the Iskandar region of Johor and will be powered by a 500 MW solar farm. Additionally, the Cross-Border Dark Fibre offers fibre links for seamless connections within the Klang Valley to Johor and Singapore.[27]

Furthermore, YTL Power and Sea Limited broke ground with a RM 1.5 billion investment for the development of the Sea Data Center in August 2022, marking the first phase of the YTL Green Data Center Park. This first phase will be a Tier-III certified facility equipped with best-in-class green power and connectivity, capable of accommodating up to 72 MW of capacity. The green facility will feature 24 data hall suites, M&E rooms, office space, storage, and parking facilities. The first phase of the co-development will enter service in 2024.[28]

Collaboration with NVIDIA in YTL AI Cloud
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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.[29]

In March 2024, YTL Power announced the formation of YTL AI Cloud, a specialised provider of massive-scale GPU-based accelerated computing.

Prime Minister of Malaysia, Dato’ Seri Anwar Ibrahim, commented that YTL is accelerating the country’s adoption of AI and is spearheading the development of Malaysia’s own Sovereign Cloud. The collaboration with NVIDIA is a testament to Malaysia’s attractiveness as a hub for digital investments. In addition, Tengku Datuk Seri Zafrul Abdul Aziz, Minister of Investment, Trade and Industry (MITI), Malaysia, commented that this powerful AI Cloud will create high-value, high-income job opportunities for Malaysians, marking a significant step forward in the country’s mission to become a leading AI and Data Centre hub in the region. Furthermore, YB Gobind Singh Deo, Minister of Digital, Malaysia, stated that having one of the most powerful NVIDIA cloud computing infrastructures in Malaysia is a game changer and will spark innovation and the development of solutions foundational to the success of the Malaysia Digital Economy Blueprint.[30]

YTL Sentul Data Center
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YTL Sentul Data Center has up to 500 racks in capacity of data hall space (up to 5 MW) housing 4 data halls over a single-storey with the provision of office space, storage and parking facilities.[citation needed]

YTL Digital Capital Sdn Bhd – Malaysia

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In April 2022, Bank Negara Malaysia awarded a digital banking licence to YTL Digital Capital Sdn Bhd (YTL Digital Capital) in consortium with Sea Limited.[31] YTL Digital Capital has proven to be prudent in its business plan, has a high reputation in business record and experience, and has shown robustness in its underlying technology.

The synergies within this new venture enable YTL Power to further contribute to Malaysia’s digital transformation and broaden access to financial services for its citizens, particularly the underserved, underbanked, as well as micro, small and medium enterprises (MSMEs).

YTL Developments UK Limited – United Kingdom

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YTL Developments UK Limited (YTL Developments), a wholly-owned subsidiary of YTL Property UK, is headquartered in Bristol. The current project under development is Brabazon, a new urban community that will comprise an indoor arena, a new train station, new homes, employment space, new schools and a town-centre.

In March 2024, the South Gloucestershire Council granted permission for revised plans from YTL Developments to build 6,500 new homes, including the west of England's largest urban park. The park will feature a heritage trail, connecting the Brabazon Hangars with Aerospace Bristol Museum. A floating boardwalk around the lake, independent cafes, restaurants and outdoor sports facilities are also in the plans. Of the 6,500 properties, 2,000 will be student accommodation and more than 1,700 will be affordable.[32]

Meanwhile, YTL Arena Limited, a wholly-owned subsidiary of YTL Property UK, is progressing with the development of YTL Arena Bristol.

In addition, YTL Construction UK, a new company that will be part of the international YTL Group, will be responsible for transforming the Brabazon Hangars into a new multi-purpose arena. Once completed, YTL Arena will be the fourth largest indoor arena in the UK, behind Manchester’s Co-op Live and AO Arena, and The O2 in London.[33]

Ranhill Utilities Berhad – Malaysia

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In 2023, YTL Power became the substantial substantial shareholder of Ranhill Utilities Berhad (“Ranhill”), a company involved in three key segments, which are environment, energy and engineering services.

In November 2023, YTL Power acquired a 19% stake in Ranhill at an acquisition cost of RM 141 million. Subsequently in May 2024, SIPP Power Sdn Bhd, which is 70% owned by YTL Power, acquired a 31.42% stake in Ranhill for RM 405.18 million. SIPP Power together with YTL Power will collectively own a 53.19% stake in Ranhill, becoming the major shareholder. The acquisition is a strategic fit for both parties as it would give YTL Power the exclusive rights to Johor’s water supply.[34] Meanwhile, the synergistic expertise in water operations could elevate the efficiency of the water business of Ranhill in Johor.

Ranhill is the second largest water supply operation in Malaysia and undertakes the exclusive rights of the entire water supply network in the State of Johor through its operating company, Ranhill SAJ Sdn Bhd. As of December 2023, it has been operating 46 water treatment plants state-wide with a total treatment capacity of 2,171 million litres daily.

Furthermore, Ranhill has a presence in the Sabah power sector, operating two 190MW Combined Cycle Gas Turbine power plants in Kota Kinabalu. In February 2024, Ranhill achieved commercial operation date for its renewable energy (RE) sector through its 50MW large scale solar (LSS) plant in Bidor, Perak [35]. Additionally, Ranhill is involved in multi-disciplinary engineering, procurement and construction management (EPCM), project management consultancy (PMC), operations and maintenance (O&M) services and consultancy services.

Ranhill has been listed on Bursa Malaysia since 16 December 2015 on the Main Market of the exchange under the Gas, Water and Multi-Utilities sub-sector of Utilities sector. As of June 2024, the market capitalisation of Ranhill is RM 2.14 billion.

As of December 2023, the financial highlights of Ranhill are as follows:

  • Revenue  : RM 2.28 billion
  • EBITDA  : RM 0.61 billion
  • Profit Before Tax : RM 0.15 billion
  • Profit After Tax : RM 0.10 billion
  • Total Assets : RM 2.96 billion
  • Total Cash  : RM 0.26 billion

PT Jawa Power & PT Jawa Timur – Indonesia

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In 2004, YTL Power acquired a 35% stake in PT Jawa Power, the second largest IPP in Indonesia, which owns a 1,220 MW coal-fired power plant located at the Paiton Power Generation Complex in East Java, Indonesia. PT Jawa Power has a 30-year PPA with PT PLN (Persero), the state-owned electric utility company [36]. In 2017, PT Jawa Power was awarded First Runner-Up in the Best Practices Category in Clean Coal Use and Technology Power Generation for Large (greater than 500 MW) coal-fired power plant at ASEAN Energy Award 2017.

PT Jawa Timur, a wholly-owned subsidiary of YTL Power handles operations and maintenance for PT Jawa Power.

Attarat Power Company – Hashemite Kingdom of Jordan

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YTL Power acquired a 45% interest in Attarat Power Company (APCO), which owns and operates the 470 MW (net) oil shale-fired mine-mouth power plant in the Hashemite Kingdom of Jordan. It is the largest private sector project in Jordan’s history and also the largest Chinese project financing for a project outside China covered by Sinosure.

APCO has a 30-year power purchase agreement (PPA) with the National Electric Power Company (NEPCO), Jordan’s state-owned utility, for the entire electrical capacity and energy of the power plant, with an option for NEPCO to extend the power purchase agreement to 40 years (from the commercial operation date of the project’s second unit).

The 470 MW power plant is the first to commercially utilise the indigenous oil shale resources, and its development is a key milestone in the Jordanian government’s goal of furthering its energy independence. The electricity generated from the power plant is expected to meet 15% of Jordan’s annual power demand. The power plant commenced operations in 2023.[37]

YTL Cement Berhad & Malayan Cement Berhad

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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 1970, YTL Cement commenced operations with one batching plant and 6 trucks; in the same year, it constructed the Universiti Sains Malaysia Kota Bharu medical school. 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.[citation needed] 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. 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.

MCB has a proven track record in supplying to, and delivering on, technically sophisticated projects. MCB has a fleet of over 1,500 trucks travelling over 120,000 km every day, enabling it to fulfil customer needs throughout Peninsular Malaysia. MCB also operates the Construction Development Lab, its research and development facility dedicated to developing customised cement and concrete.

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:

  • Revenue : RM 3.76 billion
  • EBITDA : RM 0.68 billion
  • Profit Before Tax : RM 0.25 billion
  • Profit After Tax : RM 0.16 billion
  • Total Assets : RM 10.97 billion
  • Total Cash : RM 0.88 billion[citation needed]

Meanwhile, FiCO Tay Ninh Cement Joint Stock Company (TAFiCO, now Fico-YTL) – a member of the YTL Corp Group – is one of the leading cement companies in the south of Vietnam with a cement plant located in Tay Ninh province and grinding stations in Ho Chi Minh City and Binh Duong province.

YTL Construction Sdn Bhd

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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. The open-cycle plant was completed in a world-record time of 10 months and the gas-fired combined cycle plant was completed in 22 months. In September 2017, the Paka power plant was awarded a supplementary PPA for a further period of 3 years and 10 months .[38]

Additionally, YTL Construction was awarded the task of designing, constructing and maintaining a fully intermodal airport facility in Sibu, Sarawak. The Sibu Airport features a 6,400 m² terminal building with ancillary facilities and a 1,981 m by 45 m runway. 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.

Furthermore, YTL Construction has a longstanding interest in hospitals and healthcare buildings, leading to the pioneering design and construction of 12 nucleus concept hospitals, comprising a total of 2,458 outpatient beds throughout Malaysia. 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.[citation needed]

Furthermore, 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).[39] 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.[40]

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.[41] The new link will reduce the travelling time between Gemas and Johor Bahru to just 90 minutes.

In 2021, YTL Construction acquired 89.3 acres of land from Boustead in Bukit Raja to design and build a 6 million sq ft multi-storey warehouse facility. The Bukit Raja warehouse development will be one of Malaysia’s largest warehouses by square feet upon completion. Phase 1, which comprises over 39 acres, was completed in June 2023. Meanwhile, e-commerce platform Shopee, has signed a 12-year tenancy with rental escalation every 3 years for 1.42 million square feet, which should drive construction earnings over the next few years.

Other than that, YTL Construction was the first to submit an RM 8 billion proposal to the government for a high-speed rail link between Malaysia and Singapore back in 2006. Both countries signed the legally-binding bilateral agreement in 2016 after three years of negotiations. In 2018, MyHSR Corporation Sdn Bhd (MyHSR Corp) appointed YTL Construction as one of the two project delivery partners (PDP) for the Kuala Lumpur – Singapore High Speed Rail (HSR) project.

The HSR is seen as a strategic project to enhance business linkages, promote tourism and bring the people of two countries closer together, generating long-term economic growth. However, in 2021, the Kuala Lumpur – Singapore HSR bilateral agreement was officially terminated after the top leaders of Malaysia and Singapore agreed to let the deal lapse.

In 2023, MyHSR Corp issued a Request for Information (RFI) for the Malaysian government to assess the private sector’s ability to fully finance the project without state funds or guarantees. Prime Minister Anwar Ibrahim’s administration has stated that reviving the HSR project is estimated to cost over RM 100 billion [42]. As of March 2024, YTL Construction – SIPP Rail Sdn Bhd’s concept proposal for the HSR project is believed to be shortlisted.

In addition, YTL Construction has been involved in constructing and installing all telecommunication infrastructure for the Yes network. YTL Construction is also the main contractor and infrastructure builder for rooftop stations, rapid deployment structures (RDS), lamp pole and monopole structures, and lattice tower structures.

Furthermore, new residential contracts in the pipeline include the proposed development in Kwasa Damansara. YTL Construction entered into an agreement with Kwasa Land Sdn Bhd (Kwasa Land), a wholly-owned subsidiary of the Employees Provident Fund (EPF), to develop a residential project in Kwasa Damansara with an estimated gross development value of RM 200 million.[citation needed]

YTL Land and Development Berhad

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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.

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.[43] 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. The 77-unit, luxury condo on Orchard Boulevard is designed by Italian architect and designer Antonio Citterio as “Villas in the Sky”. 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.[44]

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, comprising 68 units of three-storey link houses and 196 units of 1½-storey townhouses. In February 2024, all link houses were fully sold, and its townhouses were 80% taken up during a sale preview.[45]

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 [46].

Further complementing Sentul’s rejuvenated landscape is the newly completed Sentul Pavilion in Sentul Park, a rare green lung in the heart of the city. Upcoming projects in Sentul East such as the d2, d5 and d8 commercial developments will further stimulate Sentul’s urban regeneration through innovative design and architecture.[citation needed]

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

Before 2012:

  • Andalucia, The Tamarind, The Maple, Courtyard Homes, Pavilion & Garden Terraces, Promenade Homes, Meadows & Glades, Parkville Homes, The Saffron, Waterville, Centrio, d7, Sandy Island, The Trillium, d6, The Capers, Kasara, The Lake, Midfields & Midfields Square, Dale, Lake Edge.

From 2013 – 2018:

  • The Fennel, Midfields 2, 3 Orchard By-The-Park, Reed, Grove, Lake Fields.

From 2019 – 2024:

  • Sentul Pavilion, Sentul Works, Sentul Depot, U-Thant Place, Shorefront, Dahlia.

On-going projects:

  • d2, d5, d8, Danau Puchong, Dedaun Rimba, Pantai Peak.

YTL Hotels & Properties Sdn Bhd

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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.

YTL Hotels own and manage hotels and resorts. 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 [47].

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.[48]

List of properties owned by YTL Hotels:

  • Australia
  1. Sydney Harbour Marriott Hotel
  2. Melbourne Marriott Hotel
  3. Brisbane Marriott Hotel
  4. The Westin Perth
  • Europe
  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
  • Japan
  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
  • Malaysia
  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)
  • Thailand
  1. The Surin, Phuket.
  2. The Ritz-Carlton, Koh Samui.
  • Indonesia
  1. Spa Village Resort Tembok Bali, Indonesia

Starhill Global Real Estate Investment Trust (Starhill Global REIT)

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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.[49]

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.[50]

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 [51].

Meanwhile, YTL Starhill Global REIT Management Limited (the "Manager") is the manager of Starhill Global REIT, responsible for the management, administration and implementation of the investment strategy of Starhill Global REIT. The Manager is a wholly-owned subsidiary of YTL Starhill Global REIT Management Holdings Pte Ltd (formerly known as YTL Pacific Star REIT Management Holdings Pte Ltd), which is a subsidiary of YTL Corp.

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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.

Furthermore, through a smart partnership with the Ministry of Tourism, Arts and Culture (MOTAC) and Tourism Malaysia under the Tourism Recovery Plan 2022 (PRE 2.0), ERLSB offered discounted fares for Malaysians to boost domestic tourism and increase the use of public transport. The 8-month promotion, which ended in December 2022, was successful in helping ERL recapture lapsed leisure travellers and attract new passengers to the service following the pandemic.

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

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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.[52] 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

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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.[53]

Renewable energy

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In support of the transition to a low carbon economy, YTL Corp Group has implemented various renewable energy integration projects across their business units and promoted the generation and use of renewable energy to facilitate the transition process and minimise the environmental footprint.[citation needed]

In 2022, YTL Power embarked on the development of the YTL Green Data Center Park (YTLDC) in Kulai, Johor. This will be the first data center campus in Malaysia to be co-powered by on-site renewable solar energy. The data center is located 30 km from Singapore in the Iskandar region of Johor and will be powered by a 500 MW solar farm.

Furthermore, ERLSB is the first rail and public transport operator in Malaysia to harvest solar energy for direct usage at its premises. As of April 2023, ERLSB launched its RE programme that promotes public transport usage and environmental protection in accordance with the government’s National Transport Policy (NTP) 2019 – 2030. The first phase of the project involves the installation of solar panels on the rooftops of Bandar Tasik Selatan and Salak Tinggi Station, as well as at the ERL Depot in Salak Tinggi. For its second phase, ERL also plans to expand RE usage through the installation of solar panels at its Traction Power Sub-Station (TPSS) located at Serdang. The solar panel installation at the TPSS is expected to contribute almost 1.5 gigawatt-hours of electricity and savings of RM108,000 per year — enough to power 100 million LED bulbs, 9,090 Nissan Leaf cars or 750,000 homes annually [54].

In addition, in October 2023, YTL PowerSeraya committed to building an additional 4 megawatt-peak (MWp) photovoltaic (PV) system at the Pulau Seraya Power Station (PSPS) on Jurong Island. It is scheduled for completion in September 2024. This expansion to the operational 1MWp solar PV system that was built in 2019, will bring the total solar PV capacity at PSPS to 5MWp.[citation needed]

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