Revenue surged to RM2.26 billion from RM240.97 million previously mainly due to contribution from engineering, procurement, construction, installation and commissioning (EPCIC) business activities, it said in a filing with Bursa Malaysia today.
"EPCIC business activities contributed RM1.9 billion during the period under review based on the floating production storage and offloading (FPSO) Anna Nery construction progress, measured using input method in accordance to actual costs incurred, and the commencement of lease for FPSO Abigail Joseph that gave rise to a one-off outright sales recognition under a finance lease classification,” it said.
Moving forward, Yinson said the long-term outlook for the oil and gas industry remained challenging with the emergence of new alternative energy sources and a lower financial institutions risk appetite towards the sector.
However, the company said it is cautiously confident of the company’s ability to stay resilient through the challenges with existing order book and a continued positive performance in project execution and operations. - Bernama