Yinson 3Q net profit almost doubles to RM100m

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.

KUALA LUMPUR: Yinson Holdings Bhd’s net profit for the third quarter ended Oct 31, 2020 (Q3) almost doubled to RM100.73 million from RM53.97 million in the same quarter a year ago.

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.