KUALA LUMPUR: Yinson Holdings Bhd
posted a lower net profit of RM203 million during the second quarter (2Q) ended July 31, 2024 (FY 2025), compared with RM230 million in the same quarter last year.
Revenue was also down to RM2.14 billion from RM3.11 billion previously, mainly due to lower contributions from engineering, procurement, construction, installation and commissioning (EPCIC) business activities.
In a Bursa Malaysia filing, Yinson said this is a result of lower reported progress for the group’s floating production storage and offloading (FPSOs) under construction in the current quarter.
For the first half (1H) of FY 2025, the group recorded a lower net profit of RM406 million from RM438 million a year earlier, while revenue also declined to RM4.36 billion versus RM6.13 billion previously.
On prospect, the group said the FPSO market continues to see strong demand for contractors like Yinson, who have an edge in emissions reduction technologies and a solid track record of on-time delivery and safety and operational performance.
"The demand for FPSOs is positive with the increase in project sanctions around the world particularly from Brazil, which is the highest FPSO demand centre, followed by West Africa.
"As FPSO Atlanta, FPSO Maria Quitéria and FPSO Agogo commence their charter periods over the next year or two, the group will transition into a phase of stable growth, where the group is poised to receive steady, contracted income streams for the next few decades,” it said.
Meanwhile, the group also declared a second interim single-tier dividend of one sen per share for FY 2025, with the entitlement and payment date to be determined at a later date.
At lunch break today, Yinson’s share price was down four sen to RM2.64 per share with a total of 1.49 million traded. - Bernama
