Yinson Holdings Bhd's floating storage and offloading vessel, which is jointly owned with PetroVietnam Technical Services Corp. The FSO is contracted out to Bien Dong Petroleum Operating company.
KUALA LUMPUR: Shares of Yinson Holdings Bhd
climbed to an early high of RM3.99 after the oil and gas services company’s earnings jumped in the the third quarter ended Oct 31.
At 9.28am, it was up 14 sen or 3.7% to RM3.90.
Yinson posted a 44% jump in net profit to RM91.2mil in the third quarter ended Oct 31 while revenue doubled to RM263.1mil.
According to AmInvestment Research, for the first nine months of this financial year, Yinson's core net profit of RM276mil accounts for 91% of its and consensus forecasts.
The company's marine business expansion into Ghana was the main contributor to growth with the commencement of FPSO John Agyekum Kufuor since June 2017.
Year to date, Yinson's share price has risen about 35%.
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