Yinson’s 3Q net profit up 58% to RM155m

YINSON Holdings Bhd’s net profit in its third quarter ended Oct 31, 2022 (3Q22), rose to RM155 million from RM98 million in the previous corresponding period, while revenue in the 3Q improved to RM1.74 billion from RM820 million a year earlier.

In a filing with Bursa Malaysia on Dec 21, Yinson said the higher revenue was mainly due to the commencement of engineering, procurement, construction, installation and commissioning (EPCIC) business activities for FPSO (floating production storage and offloading) Maria Quiteria (picture) and FPSO Atlanta.

The group said the higher net profit was mainly due to contribution effects from EPCIC business activities and FPSO operations, which were partially offset by higher operational overheads and financing costs in the current financial period.

Basic earnings per share stood at 4.9 sen versus 2.8 sen previously.

For the nine-month period ended Oct 31, 2022, Yinson’s net profit grew to RM418 million from RM336 million a year earlier, while revenue rose to RM4.36 billion from RM2.87 billion in the previous corresponding period.

Going forward, Yinson said global energy demand has been increasing and outstripping supply, thus creating robust growth markets for both traditional and alternative energy businesses.

“Demand for alternative energy sources such as renewables has surged, alongside a continued strong outlook for oil and natural gas over the longer term.

“Yinson noted that the world economy has been experiencing fluctuating oil prices in 2022, caused by global, national and local events such as the ongoing conflict between Russia and Ukraine, OPEC cuts and refinery shutdowns.

“The group has been following these developments closely and we are well positioned to face the uncertainties with robust risk and internal control management in place and the implementation of robust cost control management.”

As an energy infrastructure and technology provider with a solid leadership position in sustainability, Yinson said its management is confident of the group’s ability to stay resilient amid the rising global economic challenges with its underlying risks.

“We believe we can achieve satisfactory results for the financial year ending Jan 31, 2023,” the company said. — TMR / pic source: yinson.com