KUALA LUMPUR: Yinson Holdings Bhd's net profit rose 61 per cent to RM230 million in the second quarter (Q2) ended July 31, 2023 as compared with RM143 million in the preceding quarter.
This is due to the contribution from floating production system (FPSO) Anna Nery's operations since first oil was achieved on May 7, 2023, which was partially offset by lower contribution from engineering, procurement, construction, installation and commissioning (EPCIC) business activities as mentioned above.
For the quarter under review, the company reported a higher revenue of RM3.11 billion compared with revenue of RM3.02 billion.
Chairman Lim Han Weng said the company continues to demonstrate strong financial performance, which is a testament to its robust and holistic business strategy.
"Looking ahead, the company and its business units are optimistic of the bevy of opportunities that will showcase our ability to deliver powerful solutions. "Yinson is excited to be working with its vendors, partners, suppliers, and government bodies in ensuring that it is always generating stakeholder value for all," said Lim.
For the period of six months ended July 31, 2023, Yinson net profit increased by RM175 million or 67 per cent to RM438 million as compared with RM263 million for the same period in 2022.
The increase was mainly due to the higher contribution from its EPCIC business activities and fresh contribution from FPSO Anna Nery's operations.
The company's revenue also rose 134 per cent to RM6.13 billion as compared with RM2.63 billion last year, which was mainly due to higher contribution from EPCIC business activities (based on progress of construction).
The company's board of directors has declared an interim single-tier dividend of 2.0 sen per ordinary share for the financial year ending January 31, 2024, amounting to RM58 million.
The interim single-tier dividend entitlement date and payable date are November 30, 2023 and December 15, 2023 respectively.