YINSON Holdings Bhd reported a 19.4% decline in net profit to RM200 million for the third quarter ended Oct 31, 2024 (3Q25), compared to RM248 million a year earlier.

The decrease was attributed to lower revenue and higher administrative and finance costs.

Quarterly revenue dropped 34.1% to RM1.85 billion, while finance costs surged 81.6% to RM444 million.

The group declared a third interim dividend of 1 sen per share, bringing the total FY2025 payout to 3 sen per share.

As of October 31, 2024, Yinson’s total loans and borrowings increased by 18.7% to RM19.37 billion, resulting in a net gearing ratio of 2.04 times, driven by additional loans for projects and working capital.

For the first nine months of FY2025, Yinson’s net profit fell 11.7% to RM606 million, with revenue declining 30.6% to RM6.21 billion.

The revenue drop was primarily due to reduced contributions from engineering, procurement, construction, installation, and commissioning (EPCIC) activities, as FPSO Maria Quitéria achieved first oil in October and FPSO Atlanta nears completion.

This was partly offset by gains from FPSO Anna Nery and Maria Quitéria operations, as well as finance lease remeasurements and charter rate escalations.

Looking ahead, Yinson anticipates stable growth with steady, contracted income as FPSO Atlanta and FPSO Agogo begin operations next year.

The group plans to focus on project deliveries before committing to major new investments. 

Supported by its long-term contracts, Yinson remains optimistic about achieving satisfactory results for FY2025. — TMR