EPCIC segments lifts Yinson's earnings, revenue higher in Q1


KUALA LUMPUR (Bernama) -- Yinson Holdings Bhd’s net profit for the first quarter ended April 30, 2021 (Q1) jumped to RM112.0 million from RM47.0 million in the same period a year earlier, driven mainly by the engineering, procurement, construction, installation and commission (EPCIC) segment.

In a filing with Bursa Malaysia today, the company said the strong contribution from the EPCIC business activities were related to floating production storage and offloading (FPSO) Anna Nery and contribution from FPSO Abigail-Joseph, which commenced its lease in October 2020.

However, it added that the positive contributions were offset mainly by the unfavourable foreign exchange movement of RM29 million, increase in income tax expense of RM22 million, and increase in finance costs of RM33 million.

The energy infrastructure and technology company’s revenue for the first quarter also surged to RM992.0 million from RM344.0 million year-on-year, mainly due to contribution from EPCIC business activities related to FPSO Anna Nery.

Yinson chairman Lim Hang Weng said despite the challenging environment due to the pandemic, the group saw a strong financial, operational and project performance in Q1 of its financial year ending Jan 31, 2022 (FY2022), alongside expansion of its business areas.

"The group’s revenue and core profit increased by 188 per cent and 54 per cent, respectively, compared to the prior year’s corresponding quarter, proving the resilience of our business model,” he added.

Yinson’s conversion of FPSO Anna Nery remained on track with a successful accumulation of more than 7.4 million man hours without any lost time injuries thus far.

The group will hold its annual general meeting on July 15, 2021, where a proposed final single-tier dividend of 2.0 sen per ordinary share for FY2021 will be tabled for shareholders’ approval.

If approved, the entitlement and payment dates for the dividend are expected to be on Aug 5, 2021 and Aug 30, 2021 respectively.

Moving forward, the group is cautiously confident of its ability to stay resilient through the challenges with existing order book and continued positive performance in project execution and operations.

Amid the challenging global economic environment and the volatility of other currencies against the US dollar, the group strives to achieve satisfactory results for FY2022.

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