Yinson’s FY2024 net profit increases to RM964 mln

KUALA LUMPUR: Yinson Holdings Bhd’s net profit soared to RM964.0 million in the financial year ended Jan 31, 2024 (FY2024), compared with RM589.0 million in the previous year.

Revenue for the year under review surged to RM11.65 billion from RM6.32 million a year ago.

In a Bursa Malaysia filing, Yinson said the increase in profit was mainly due to the higher contribution from the group’s engineering, procurement, construction, installation and commissioning (EPCIC) business activities and fresh contribution from FPSO Anna Nery’s operations since first oil was achieved on May 7, 2023.

It said that for the fourth quarter (4Q) ended Jan 31, 2024, net profit rose to RM278.0 million from RM171.0 million from the previous corresponding period, while revenue stood at RM2.70 billion versus RM1.96 billion.

On the outlook, it 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 ontime delivery and safety and operational performance.

“The demand for FPSOs is positive with the increase in project sanctions around the world particularly from Brazil, being the highest FPSO demand centre, followed by West Africa,” it added.

In a separate filing, Yinson proposed a final single-tier dividend of one sen per ordinary share in respect to the financial year that ended on Jan 31, 2024.

“The proposed final singletier dividend is subject to the shareholders’ approval at the company’s forthcoming annual general meeting. The entitlement date and payment date of the final single-tier dividend are to be determined at a later date,” it said.

The demand for FPSOs is positive with the increase in project sanctions around the world particularly from Brazil, being the highest FPSO demand centre, followed by West Africa.

Yinson Holdings Bhd’s