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.

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