Yinson quarterly net profit up to RM57mil

Firm declares special dividend of four sen a share

PETALING JAYA: Yinson Holdings Bhd has reported a net profit increase of 11.6% to RM57.1mil in the fourth quarter ended Jan 31, 2018 as revenue surged 39% to RM257.4mil.

The improved results were driven by the chartering commencement of the floating production, storage and offloading (FPSO) vessel John Agyekum Kufuor ( pic) in June 2017 and the stronger US dollar, the FPSO service provider said in a filing with Bursa Malaysia yesterday.

The company’s full-year earnings reached a new high of RM292.2mil.

For the full year, Yinson has declared a special dividend of four sen a share, amounting to RM43.5mil, to be paid on June 8.

The one-time payout is on top of a proposed final dividend of two sen a share, which is subject to shareholders’ approval at its upcoming AGM.

Shares in Yinson were last traded at RM3.76.

The company, however remained cautious on the industry’s outlook.

“The short-term to medium-term outlook in the oil and gas sector remains challenging and uncertain due to protracted oversupply, emerging new alternative energy resources and financial institutions’ risk appetite towards the sector,” it said.

“Amid the challenging global economic environment and the volatility of other currencies against the US dollar, the group shall strive to achieve satisfactory results for the financial year ending Jan 31, 2019.”