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.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Barnama
07-07-2025
- Barnama
Johor Unveils Malaysia's Largest High-Tech Vertical Farm
REGION - SOUTHERN > NEWS ISKANDAR PUTERI, July 7 (Bernama) -- Johor has launched the country's largest high-tech vertical farming facility, spanning over 50,000 square feet, to cultivate leafy vegetables using advanced agrotechnology. Menteri Besar Datuk Onn Hafiz Ghazi said the RM40 million project is a strategic joint venture between FarmByte Sdn Bhd, a subsidiary of Johor Corporation (JCorp), and Singapore-based agri-tech company Archisen Pte Ltd. He said the facility, which grows produce such as ice plant salad, is located in the Johor-Singapore Special Economic Zone (JS-SEZ). Construction began in 2023, and the farm is now fully operational at Nusajaya Industrial Park here. bootstrap slideshow 'This is a historic milestone for Johor, Malaysia, and Singapore. What began as a pioneering idea two years ago has now become a reality. 'This isn't just an agricultural project - it is a new ecosystem that strengthens regional food security,' he told reporters after the launch ceremony today. Also present were Archisen director Vincent Wei, JCorp chairman Datuk Syed Mohamed Syed Ibrahim, and State Investment, Trade, Consumer Affairs and Human Resources Committee chairman Lee Ting Han. Onn Hafiz said the project has attracted interest from various agricultural industry players from both Malaysia and Singapore, who are exploring future collaborations. He noted that FarmByte and Archisen are in talks with several other companies to expand operations and build a robust regional ecosystem for vertical farming. 'They aim to scale up operations and establish a comprehensive farming network. We hope this will be realised soon, with strong support from all stakeholders,' he said.
The Sun
07-07-2025
- The Sun
Johor launches Malaysia's largest high-tech vertical farm
ISKANDAR PUTERI: Johor has officially opened Malaysia's largest high-tech vertical farming facility, covering 50,000 square feet, to grow leafy greens using advanced agricultural technology. The RM40 million project is a collaboration between FarmByte Sdn Bhd, a subsidiary of Johor Corporation (JCorp), and Singapore-based agri-tech firm Archisen Pte Ltd. Menteri Besar Datuk Onn Hafiz Ghazi described the facility as a strategic development within the Johor-Singapore Special Economic Zone (JS-SEZ). Located at Nusajaya Industrial Park, the farm began construction in 2023 and is now fully operational, producing crops such as ice plant salad. 'This is a historic milestone for Johor, Malaysia, and Singapore. What began as a pioneering idea two years ago has now become a reality. This isn't just an agricultural project - it is a new ecosystem that strengthens regional food security,' Onn Hafiz said during the launch ceremony. The facility integrates large-scale infrastructure with smart farming systems, enabling year-round production of high-quality leafy greens. Using controlled environment agriculture (CEA) technology, the farm operates without pesticides and is unaffected by weather conditions. With an estimated annual yield of 306,000 kilogrammes, the farm aligns with Malaysia's National Food Security Policy Action Plan and Singapore's '30 by 30' initiative, which aims to produce 30 per cent of its nutritional needs locally by 2030. FarmByte and Archisen are in discussions with other companies to expand operations and develop a regional vertical farming network. 'They aim to scale up operations and establish a comprehensive farming network. We hope this will be realised soon, with strong support from all stakeholders,' Onn Hafiz added. Key figures present at the launch included Archisen director Vincent Wei, JCorp chairman Datuk Syed Mohamed Syed Ibrahim, and State Investment, Trade, Consumer Affairs and Human Resources Committee chairman Lee Ting Han. – Bernama
The Star
07-07-2025
- The Star
Malaysia's largest indoor vertical farm launched in Johor
ISKANDAR PUTERI: Digital agri-food company Farmbyte, part of the state-owned Johor Corporation, and a Singaporean agritech firm have launched the biggest indoor vertical farm in Malaysia. Johor Mentri Besar Datuk Onn Hafiz Ghazi said the RM40mil joint venture is a collaboration under the Johor-Singapore Special Economic Zone (JS-SEZ). 'The project, formalised in April 2023, is a showcase of the strong and strategic partnership between Malaysia and Singapore in the area of food resilience. 'The collaboration between FarmByte and Singapore's Archisen marks a pioneering initiative under the JS-SEZ, and it will set an ecosystem to strengthen food security in both countries,' he said after launching the indoor farm here on Monday (July 7). He added that the 4,830 sqm (52,000 sq ft) indoor farm was also a clear demonstration that agriculture today was no longer constrained by land, climate or seasonality alone. 'Through controlled-environment agriculture, smart systems and cutting-edge vertical farming technologies, we are proving that Johor's food production can be sustainable, resilient and scalable,' he said. With an estimated annual output of 306,000 kg of fresh produce, the farm is a strategic asset supporting Malaysia's National Food Security Policy Action Plan and Singapore's '30 by 30' food resilience goal.
