Yinson reports third straight quarterly earnings growth

KUALA LUMPUR: Yinson Holdings Bhd, an independent floating, production, storage and offloading (FPSO) leasing company, reported a third straight quarterly earnings growth, boosted by higher contribution from its engineering business.

Net profit in the second quarter ended July 31 climbed 26% to RM126mil from RM100mil made a year ago.

Revenue was up to RM1.05bil compared with RM995mil previously. The company has proposed an interim dividend payout of 4 sen a share.

"The management is cautiously confident in the Group’s ability to stay resilient through the challenges with existing order books and continued positive performance in project execution and operations," Yinson said in a filing with Bursa Malaysia today.

The company said its results in the second quarter were driven by engineering, procurement, construction, installation and commissioning (EPCIC) work related to FPSO Anna Nery, favourable exchange rates, as well as higher share of profits from joint ventures.

FPSO Anna Nery is Yinson’s first Brazil asset and largest project to date.

The FPSO is contracted by Petróleo Brasileiro SA (Petrobras) and is expected to be deployed at the Marlim field in Campos Basin, offshore Brazil by 2023.

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 46
Cxense type: free
User access status: 3
Join our Telegram channel to get our Evening Alerts and breaking news highlights

Yinson , FPSO


Next In Business News

Big Oil is about to post highest cash flow in more than 13 years
Favelle Favco units bag contracts worth RM37.1mil
Globetronics posts lower Q3 earnings, appoints new COO
KLCI ends lower as investors wait on the sidelines
China stocks end lower as property firms drop on tax scheme plans
Dutch pension fund ABP to sell $17.5 bln of fossil fuel assets
InvestPenang, HSBC ink MoU to attract high-quality investment
Yinson partners GreenTech to speed up EV charging infra in Malaysia
CIMB wins 17 awards for treasury solutions across region
Chinese developer Modern Land defaults; property shares drop

Others Also Read