RANHILL UTILITIES BERHAD (RANHILL)

Company Profile: Ranhill Utilities Berhad (5272)

Ranhill Utilities Berhad is an integrated utilities conglomerate listed on Bursa Malaysia, operating across two core segments: water/environment and power generation. Formerly known as Ranhill Holdings Berhad, the company was renamed in May 2020 to better reflect its primary focus on utility infrastructure.

The YTL Power Acquisition: A New Chapter

The most defining corporate event in Ranhill's recent history is the acquisition of a 53.19% stake by YTL Power International Berhad in May 2024, via a Mandatory Takeover Offer (MTO) valued at RM405 million at 99.5 sen per share. This brings Ranhill under the stewardship of one of Malaysia's largest and most experienced utility conglomerates. YTL's backing is expected to strengthen governance, financing capacity, and Ranhill's long-term growth strategy significantly.

Two Core Business Segments

• Environment/Water (61.6% of revenue): Through Ranhill SAJ Sdn Bhd, the company is the sole water operator in Johor — Malaysia's most rapidly growing state. Operations encompass 47 Water Treatment Plants (WTPs) with a combined capacity of 2,352 million litres per day (MLD), 749 reservoirs, 24,418 km of pipelines, and services to over 4 million customers. Current Non-Revenue Water (NRW) rate stands at 24.2%.
• Power Generation (12.6% of revenue): Ranhill operates two 190 MW Combined Cycle Gas Turbine (CCGT) plants in Sabah under a 21-year Power Purchase Agreement (PPA). A new 100 MW CCGT plant (Ranhill-SEC consortium) is targeting Commercial Operation Date (COD) in March 2026, bringing total capacity to 380 MW.
• Services: Supporting segment contributing the remainder of revenue.

Shariah Compliance

Ranhill Utilities Berhad is Shariah-compliant, making it suitable for investors practising Islamic responsible investing principles.

Financial Year Change

The company changed its financial year-end from December 31 to June 30. As a result, FY25 is an extended 18-month transition period (January 2024 to June 2025), while FY26 onwards returns to a standard 12-month cycle (from July 2025). This change creates complexity when comparing financial data across periods and should be factored into any analysis.

Growth Catalysts: Data Centres and Johor-Singapore SEZ

Johor is rapidly emerging as Southeast Asia's premier data centre hub, with 48 data centres expected to be operational by 2030. Water demand from this sector alone is projected to surge from 368 MLD to 586 MLD, at premium commercial tariff rates. The Johor-Singapore Special Economic Zone (JS-SEZ) brings RM5 billion in infrastructure investment for water independence, while a 700 MLD WTP expansion is planned for 2025-2030 to boost capacity by 26%. These structural tailwinds position Ranhill at the heart of Malaysia's next decade of infrastructure growth.

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