KUALA LUMPUR, 28 SEPTEMBER 2016 YINSON HOLDINGS BERHAD (“Yinson” or the “Group”), Malaysia’s premier integrated offshore production and support services provider, today announced its second quarter results for its financial year ending 31 January 2017 (“Q2FYE2017”) with a revenue of RM114.4 million, translating to a 16.3% increase as compared to its corresponding quarter in the last financial year (Q2FYE2016).
For Q2FYE2017, Yinson posted a core profit after tax (“PAT”) of RM61.5 million, seeing a profit increase of 84.0% as compared to Q2FYE2016 for its continuing operations.
YEAR TO DATE FINANCIAL PERFORMANCE :
The Group’s six (6) months performance for its financial year ending 31 January 2017 (“1HFYE2017”) has reported a revenue of RM229.8 million from its continuing operations translating to a 16.4% increase as compared to its 1HFYE2016. The increase in revenue was mainly contributed by:
- The FPSO (Floating Production Storage and Offloading) business activities
- Higher conversion of USD against MYR
The Group’s 1HFYE2017 reported core profit from its continuing operations of RM97.3 million, representing a 37.0% increase as compared to RM71.0 million in 1HFYE2016. This was contributed by improvement in gross profit margin and higher contribution from joint venture companies.
“Our first half results demonstrate the Group’s stability and resilience in the current volatile oil and gas market. The Group’s approach to focus on prudent management and in securing solid, long-term contracts has anchored the Group securely in tough market conditions. As a full-fledged oil and gas company specialising in offshore production services, we take pride in the Group’s consistent performance and profitability as can be seen in this quarter’s results. I am also excited that our current project i.e. FPSO Yinson Genesis, will be scheduled to sailaway soon and we look forward for our FPSO to reach first acceptance by client in 3QFYE2017,” said Mr. Lim Han Weng, the Group Executive Chairman.
At the Annual General Meeting held on 29 June 2016, the shareholders of the Yinson have approved the Final Single-tier dividend pay-out of 2.0 sen per share and the dividend was distributed on 29 August 2016.
