Yinson posts RM49.8mil net profit in Q1

KUALA LUMPUR: Yinson Holdings Bhd, offshore production company, said net profit fell in the first quarter ended April 30 due to the lack of one-off gains that boosted earnings last year.

Revenue fell 11% to RM209mil, following the loss of income from the charter for FPSO Allan in Gabon. The floating, production, storage and offloading vessel is being deployed to another location.

For the first quarter, the company posted a net profit of RM49.8mil, while core profit was little changed at RM62.8mil.

"Overall, we are optimistic of the outlook as FPSO Allan, which completed its charter in January 2019, will be redeployed as FPSO Abigail-Joseph for operations at the Anyala and Madu Fields, Nigeria," group executive chairman Lim Han Weng said in a statement today.

"The group’s balance sheet for the reporting quarter has also been further strengthened with total cash and bank balances of RM1.7bil, enabling us to cater for investments needed in prospect projects,' he said.

Yinson recently announced that Addax Petroleum has extended its for FPSO Adoon for an additional four years to Oct 16,  2022 with an estimated contract value of US$137.5mil (RM574mil).

Meanwhile, the group's latest addition to its fleet, FPSO Helang is undergoing final conversion works.

"FPSO Helang will be our first deployment on home soil. Our operations office in Miri, Sarawak is fully operational, and we are hopeful that the vessel will achieve early delivery," Lim said.

He added that the company is participating in a number of FPSO project tenders, including in Brazil and Africa.