Yinson posts 61% surge in 2Q net profit

Yinson Holdings Bhd saw a 60.84% increase in net profit for the second quarter ending July 31, 2023 (2Q24), rising to RM230 million compared to RM143 million in the previous year attributed to higher profits from its operations.

The company’s quarterly revenue also experienced a substantial surge, surging by 92.16% to RM3.11 billion from RM1.62 billion, primarily driven by increased contributions from the group’s engineering, procurement, construction, installation, and commissioning (EPCIC) business activities. 

According to its bourse filing, Yinson declared an interim dividend of two sen per share, which is set to be distributed on December 15.

For the six-month period ending July 31, 2023 (1H24), the company reported a 66.54% increase in net profit to RM438 million, compared to RM263 million, while revenue soared by 133.56% to RM6.13 billion, up from RM2.63 billion.

On a quarterly basis, Yinson’s net profit showed an 11% increase compared to RM208 million in the preceding quarter (1Q24), while revenue saw a modest 3.64% uptick from RM3.02 billion in 1QFY2024.

Looking ahead, the company remains optimistic as global demand for clean, affordable, and reliable energy continues to grow, contributing to expansion across all of its business units. 

Yinson anticipates a robust demand for floating production, storage, and offloading (FPSO) services, particularly from project sanctions worldwide, with Brazil leading as the highest FPSO demand center, followed by West Africa.

Yinson’s shares closed at RM2.48 today, representing a 1.59% decline, with a market capitalization of RM7.60 billion. –TMR