This article first appeared in The Edge Malaysia Weekly on October 5, 2026 - October 11, 2026

Diversified conglomerate YTL Corp Bhd (KL:YTL) has pursued an aggressive expansion strategy in recent years across power, water, data centres and cement — moves that have put the group firmly back on investors’ radar, with the results to show for it.

YTL Corp has bagged The Edge Billion Ringgit Club’s accolade for the Highest growth in profit after tax (PAT) over three years in both the utilities category and among big cap companies with market capitalisations of between RM10 billion and RM40 billion.

And looking at YTL Corp’s numbers, it is no wonder that it has bagged the awards.

Net profit for the financial year ended June 2022 (FY2022) stood at a respectable RM695.1 million before jumping almost 58% to RM1.10 billion in FY2023. It surged another 95% to RM2.14 billion in FY2024, before easing about 9% to RM1.95 billion in FY2025.

Taken together, the performance translates into a risk-weighted three-year PAT compound annual growth rate (CAGR) of a staggering 51.4%.

Other metrics were equally healthy. YTL Corp recorded a three-year return on equity (ROE) of 11.6% over FY2023 to FY2025, while shareholder returns over three years amounted to a remarkable CAGR of 45.2%, with the share price rising from 55 sen on March 31, 2023, to RM1.69 on March 31, 2026.

While YTL Corp’s subsidiaries and units have been recognised for their strong performances at the Billion Ringgit Club awards in previous years, this marks the first time the parent itself has clinched the accolade.

And YTL Corp is a sprawling group in more ways than one.

Its businesses span utilities, construction, hotels, property investment and development, cement and building materials, with several sizeable listed companies under its umbrella.

Among them are 52.46% owned YTL Power International Bhd (KL:YTLPOWR), itself a Billion Ringgit Club winner for three consecutive years; 58.63% owned YTL Hospitality REIT (KL:YTLREIT); Malayan Cement Bhd (KL:MCEMENT), at 65.86%; and Johor-based water player Ranhill Utilities Bhd (KL:RANHILL), in which YTL Power owns 53.19%.

YTL Corp also owns a majority stake in Singapore-listed NSL Ltd and has an investment in Starhill Global Real Estate Investment Trust, which is also listed in Singapore.

Its international footprint is equally extensive. Apart from its major operations in Malaysia, Singapore and the UK, the group has businesses, investments and projects across markets including Australia, China, Finland, France, Indonesia, Jordan, the Netherlands, Thailand, the United Arab Emirates and Vietnam.

Those who have followed YTL Corp over the years would know that the group has often sought to position itself as an early mover in new frontiers.

“As we move into a new phase of artificial intelligence-driven innovation, the goal for our new businesses is to spur the creation of high-value jobs and industries in Malaysia, with a view to the establishment of the country as a regional hub and the natural destination for AI innovation in this part of the world,” said YTL Corp chairman Tan Sri Yeoh Seok Ping in its latest annual report.

Through YTL Power, the group has launched its sovereign AI stack that covers AI computing power in its Kulai, Johor, data centre, developed via a partnership with US chipmaker Nvidia Corp; as well as its proprietary large language model (LLM) ILMUchat.

The data centre business itself has reached a scale where a separate listing is now being contemplated, estimated to be worth billions, as it seeks to develop a new gigawatt data centre in Johor.

Meanwhile, YTL Corp continues the expansion of its core businesses, focusing on utility assets and businesses correlated to its core competencies. Cement has been a particularly active area, with subsidiary YTL Cement Bhd pursuing a string of acquisitions and expansion opportunities in Peninsular Malaysia and Sarawak.

YTL Corp is 48.06% controlled by Yeoh Tiong Lay & Sons Holdings Sdn Bhd, the holding company of the late patriarch, Tan Sri Yeoh Tiong Lay who died in October 2017.

His wife Puan Sri Tan Kai Yong @ Tan Kay Neong and children are shareholders, with the children playing key roles on the board of the company.

The group also has the Employees Provident Fund as a substantial shareholder with a stake of 13.1% at the time of writing. And there remains no shortage of potential opportunities ahead.

In infrastructure, YTL Corp has been linked to major transport projects including Johor Bahru’s elevated autonomous rapid transit (e-ART) system and packages under Penang’s light rail transit (LRT) project.

Another example of the group’s appetite for large infrastructure plays came with the proposed RM3.46 billion multi-lane free flow (MLFF) barrier-free toll system, although the nationwide rollout has since shifted towards concessionaires selecting their own partners.

Given the group’s aggressive expansion across its core businesses as well as newer areas such as data centres and AI, few would be surprised if YTL Corp does show up in the Billion Ringgit Club winners’ circle again next year.

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