KUALA LUMPUR (March 22): Yinson Holdings Bhd's net profit for the financial year ended Jan 31, 2024 (FY2024) jumped 63% to RM964 million, from RM589 milliion a year earlier, on the back of a surge in revenue to RM11.65 billion from RM6.32 billion.
For the fourth quarter ended Jan 31, 2024 (4QFY2024), net profit rose 62.5% to RM278 million from RM171 million, mainly due to the effect of charter day rate escalation, partially offset by lower contributions from engineering, procurement, construction, installation and commissioning (EPCIC) business activities and an increase in finance costs.
Revenue for the quarter increased to RM2.70 billion, from RM1.96 billion a year earlier.
Earnings per share rose to 8.40 sen from 4.70 sen.
Yinson declared a dividend of one sen for the quarter, taking full-year dividends to two sen.
Reviewing its performance, Yinson said global demand for clean, affordable and stable energy continued to grow, which helped drive expansion of all its business units.
The company said the floating production storage and offloading (FPSO) market continued to see strong demand for contractors like Yinson, which have an edge in emissions reduction technologies, and a solid track record of on-time delivery and safety and operational performance.
It said FPSO demand is positive with an increase in project sanctions around the world, particularly from Brazil, being the highest FPSO demand centre, followed by West Africa.
On its prospects, Yinson said it remains optimistic about the future of its businesses, fuelled by strong demand for energy.
“However, we also recognise the various uncertainties that exist in the markets we operate in.
“That is why we are committed to putting sustainability and ESG (environmental, social and governance agendas) at the front and centre, making them the heart of our decision-making process. By doing so, we believe that we can weather the ups and downs of the energy market, while delivering sustained value to our stakeholders.
“Supported by our existing portfolio of long-term contracts, we believe we can achieve satisfactory results for FY2025,” it said.
At the midday break on Friday, Yinson had risen 0.83% or two sen to RM2.44, with 1.78 million shares traded, giving the company a market value of RM7.48 billion.