JCorp posts nearly RM7bil revenue in FY24, eyes stronger value creation
The Johor state investment arm attributed the improved performance to continued progress under its JCorp 3.0 Reinvention Plan, which aims to transform the organisation into a value-focused investment holding company.
JCorp said stronger contributions across its key business segments were supported by more targeted capital allocation, portfolio optimisation, and operational improvements.
Pre-tax profit rose 19 per cent to RM718 million, bolstered by contributions from the agribusiness and wellness and healthcare divisions, strategic asset disposals, and tighter cost control.
In the healthcare segment, KPJ posted revenue of RM3.92 billion in FY24, up 15 per cent year-on-year, driven by sustained demand for its patient-focused services.
During the year, KPJ also unveiled a refreshed brand identity and launched Malaysia's first Academic Health System, integrating clinical care, education, and research.
The agribusiness division, led by Kulim (Malaysia) Bhd through its core investee company JPG, generated RM1.61 billion in revenue, an 18 per cent increase from the previous year.
Plantation operations made up 95 per cent of the total, with the remainder from the agrofood segment.
JLand Group, the real estate and infrastructure arm, recorded RM1.30 billion in revenue, up nine per cent, driven mainly by growth in property development and integrated community solutions.
Meanwhile, QSR Brands (M) Holdings Bhd, which operates KFC and Pizza Hut in Malaysia and the region, reported total revenue of RM3.53 billion, including RM3.23 billion from continuing operations.
As at Dec 31, 2024, JCorp's total assets under management stood at RM24.50 billion.
JCorp president and chief executive Datuk Syed Mohamed Syed Ibrahim said FY24 marked a shift in how the group creates value as an investment institution.
"We realigned our portfolio, strengthened capital discipline and allowed our investee companies to lead with focus, from JPG's listing to KPJ's rebranding and healthcare initiatives.
"Our goal remains to build institutions that deliver long-term impact. Every decision, partnership and investment must contribute to economic resilience and create lasting value for Johor and for Malaysia," he said.
Looking ahead, JCorp said it will enter FY25 with a renewed focus on value creation and supporting sustainable communities, in line with its commitment to Membina and Membela.
This includes accelerating the use of artificial intelligence and digital tools, strengthening sectors such as agribusiness and healthcare, and deepening collaboration between the public and private sectors.
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