JCorp sees strong revenue and profit growth in FY24
KUALA LUMPUR: Johor Corporation (JCorp) reported a 12% rise in revenue to RM6.96bil for the financial year ended Dec 31, 2024 (FY24), up from RM6.2bil in FY23.
In a statement, JCorp said its profit before tax rose 19% to RM718mil, driven by strong performances in the agribusiness and wellness and healthcare divisions, strategic asset disposals, and tighter cost controls.
The group said the stronger results reflect ongoing momentum from the JCorp 3.0 Reinvention Plan, which is transforming the organisation into an impact-led, value-driven investment holding company.
It noted that FY24 saw improved contributions across key sectors, supported by targeted capital allocation, portfolio optimisation, and enhancements to the operating model.
In FY24, several of JCorp's investee companies reached key milestones. Johor Plantations Group Bhd (JPG) was listed on Bursa Malaysia, enabling reinvestment and unlocking long-term value.
KPJ Healthcare Bhd (KPJ) launched Malaysia's first Academic Health System, refreshed its brand, and announced a collaboration with Mayo Clinic to expand its global reach.
'FY24 marked a step-change in how JCorp delivers value as an investment institution. We realigned our portfolio, strengthened capital discipline, and created room for our investee companies to lead with clarity — from listing JPG to KPJ's rebranding and healthcare innovation,' president and chief executive Datuk Syed Mohamed Syed Ibrahim said.
'As we continue to play our role as responsible stewards, our focus remains on building institutions that drive long-term impact. Every decision, every partnership and every investment must contribute to economic resilience and create value that lasts — for Johor and for Malaysia.'
In FY24, KPJ recorded a revenue of RM3.92bil in FY24, marking a 15% year-on-year (YoY) growth.
KPJ recorded revenue of RM3.92bil in FY24, a 15% increase year-on-year, driven by strong patient trust in its 'Care for Life' approach.
Its net profit rose to RM407.2mil, supported by improved margins, better operational efficiency, and prudent financial management.
JCorp's agribusiness vertical, led by Kulim (Malaysia) Bhd through its core investee JPG, recorded revenue of RM1.61bil in FY24.
This represents an 18% increase compared to the previous year, driven by strong operational performance and favourable market conditions.
Net profit from continuing operations stood at RM242.7mil, supported by improved commodity pricing and sustained cost efficiency. It also recognised a one-off loss of RM129mil from the divestment of its discontinued operation segment, resulting in total net profit of RM113.5mil for FY24.
Meanwhile, JLand Group posted RM1.30bil in revenue for 2024, up 9% from 2023, driven by strong contributions from property development and integrated community solutions.
It recorded RM205.81mil in profit before tax and RM157.8mil in net profit, reflecting solid operations and effective cost management.
QSR Brands (M) Holdings Bhd, operator of KFC and Pizza Hut in Malaysia and the region, recorded total revenue of RM3.53bil, with RM3.23bil coming from continuing operations.
At the holding level, JCorp recorded RM759mil in revenue and RM634mil in net profit. This included RM425.82mil in dividend income — primarily from Kulim (RM356.42mil) and KPJ (RM64.95mil) and RM223.47mil in proceeds from industrial land sales.
As of Dec 31, 2024, JCorp's total assets under management (AUM) stood at RM24.50bil.
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