KUALA LUMPUR (March 8): Yinson Holdings Bhd said it has on Friday issued RM640 million in nominal value of Islamic notes as part of its RM1 billion perpetual sukuk wakalah programme established in 2022.
The sukuk wakalah is rated A3 by RAM Rating Services Bhd and A-IS by MARC Ratings Bhd, the floating, production, storage and offloading (FPSO) contractor said in a filing with Bursa Malaysia.
Yinson said the proceeds raised from the sukuk issuance will be utilised for the group's shariah-compliant purposes, comprising capital expenditures, refinancing of existing financing or borrowings or future financing, working capital and other general corporate purposes.
AmInvestment Bank Bhd and Maybank Investment Bank Bhd are the joint principal advisers for the sukuk programme while CIMB Investment Bank Bhd and United Overseas Bank (Malaysia) Bhd are the joint lead managers.
Prior to this, Yinson had issued a total of RM360 million of the sukuk in two separate issuances — RM250 million in November 2022 and RM110 million in December 2022.
Yinson had posted its highest quarterly net profit of RM248 million for its third financial quarter ended Oct 31, 2023 (3QFY2024), an increase of 60% compared with RM155 million a year earlier, underpinned by higher revenue.
Quarterly revenue grew 62% year-on-year to RM2.81 billion from RM1.74 billion
On a quarter-on-quarter basis, the group's net profit came in 8% higher from the RM230 million registered in 2QFY2024, while revenue fell 10% from RM3.11 billion.
For the first nine months of FY2024, net profit rose 64.11% to RM686 million from RM418 million for the same period of FY2023, mainly due to an increase in engineering, procurement, construction, installation and commissioning (EPCIC) revenue.
Nine-month revenue doubled to RM8.94 billion from RM4.36 billion, thanks to higher EPCIC revenue.
Shares in Yinson settled three sen or 1.24% higher at RM2.44 on Friday, giving the group a market capitalisation of RM7.48 billion. Year to date, however, the counter is down by 3.17% or eight sen.