Yinson 1Q net profit dips slightly on lower revenue, declares 1 sen dividend

YINSON Holdings Bhd saw a slight decline in net profit to RM203 million for the first quarter ended April 30, 2024, down from RM208 million the previous year.

The decrease was primarily due to a drop in revenue to RM2.21 billion from RM3.01 billion, caused by slower progress in constructing three FPSO units – FPSO Atlanta, FPSO Maria Quitéria, and FPSO Agogo. 

However, the company expects these FPSOs to begin their charter periods in the next year or two, leading to stable income streams.

The company declared an interim dividend of 1 sen per share for FY2025, totalling approximately RM30 million, pending shareholder approval.

Yinson remains optimistic about its future, supported by its long-term contracts. –TMR