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.

"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
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Yinson , Q3 , result , FSPO , EPCIC

   

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