Yinson records net profit of RM203mil in 1Q

KUALA LUMPUR: Yinson Holdings Bhd said it expects to transition into a phase of stable growth as its floating production storage and offloading (FPSO) vessels under construction commence their charter periods over the next couple of years.

In a filing with Bursa Malaysia, the group said the start of charters for FPSO Atlanta, FPSO Maria Quiteria and FPSO Agogo will see the group receive steady, contracted income streams for the next few decades.

The energy infrastructure and logistics company added that its strong focus on deliveries will also mean giving big investments a break until the deliverables are met and the cash flows begin.

Looking ahead, the group said it is optimistic over the future of its businesses.

"With our focus on delivery and sustainability, we believe that we can weather the ups and downs of the energy market while delivering sustained value to our stakeholders.

"Supported by our existing portfolio of long-term contracts, we believe we can achieve satisfactory results for the financial year ending 31 January 2025," it said.

In the first quarter of its financial year ended April 30, 2024, Yinson registered a net profit of RM203mil, which was slightly lower than RM208mil in the previous corresponding quarter.

The group's earnings per share was 5.6 sen as compared to 6.1 sen.

Revenue, meanwhile, dropped to RM2.21bil from RM3.02bil in the comparative quarter.

According to Yinson, the lower revenue was mainly due to lower contribution from engineering, procurement construction, installation and commissioning (EPCIC) activities (based on progress of construction) as FPSO Maria Quitéria and FPSO Atlanta are expected to be completed by the end of the current financial year.

The decline in revenue was partially offset by fresh contribution from FPSO Anna Nery’s operations since first oil was achieved on May 7, 2023.

"The actual progress of our projects under construction is in line with the group’s expectations," said the group.

The board of directors declared an interim single-tier dividend of one sen per share for the financial year ending Jan 31, 2025 , amounting to approximately RM30mil, subject to shareholders' approval.

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Yinson , FPSO , oil and gas , offshore , logistics , transport


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