KUALA LUMPUR: Yinson Holdings Bhd’s net profit fell 3% to RM98mil in the third quarter ended Oct 31 (3Q22) from RM101mil in the same quarter last year.
Its revenue for the period tumbled 63.76% to RM820mil from RM2.26bil a year ago.
The lower revenue was mainly due to scheduled lower progress in engineering, procurement, construction, installation and commission (EPCIC) business activities, i.e. the FPSO Anna Nery conversion.
Yinson’s pre-tax profit in 3Q22 fell 20.2% or RM42mil to RM166mil as compared to the RM208mil in the preceding quarter.
“The decrease was mainly due to the aforementioned lower progress from EPCIC business activities and net unfavourable foreign exchange movement of RM16mil,” Yinson said in the notes accompanying its financial results.
For the cumulative 9 months, the group’s net profit rose RM35.5% to RM336mil against RM248mil achieved a year ago.
Yinson’s revenue fell 20% to RM2.86bil in the first nine months to Oct 31 as compared with RM3.6bil a year ago.
The lower revenue is mainly due to the absence of the one-off outright sale recognition of RM1.13bil from FPSO Abigail-Joseph upon its lease commencement in October 2020, partially offset by the increased contribution from EPCIC business activities related to FPSO Anna Nery.
Commenting on its prospects, Yinson said: “As a global energy solutions provider with a leadership position in sustainability; alongside diversified businesses in oil and gas, renewables and green technologies, the management is confident that the group is well-positioned to ride the energy transition and manage the various risks presented.”
“Together with recent project wins that boost the Group’s orderbook up till 2048, and a strong team to support project management and operations, the management is optimistic of the group’s ability to stay resilient through challenges.
“Amid the challenging global economic environment and the volatility of other currencies against the US dollar, the group strives to achieve satisfactory results for the financial year ending Jan 31, 2022.