KUALA LUMPUR – 30 March 2017 YINSON HOLDINGS BERHAD (“Yinson” or the “Group”), Malaysia’s premier integrated offshore production and offshore support services provider, today announced its fourth quarter results for its financial year ended 31 January 2017 (“Q4FYE2017”) with a revenue of RM185.5 million, translating to a 59.6% increase as compared to its corresponding quarter (“Q4FYE2016”) last financial year.
For the quarter under review, the Group posted a reported profit after tax (“PAT”) of RM51.2 million, as compared to RM47.2 million in Q4FYE2016. The higher results is mainly due to strong growth in revenue but setoff by impairment in receivables, impairment to our OSV assets and lower share in profit from joint ventures.
In respect of the Group’s twelve (12) months performance for its financial year ended 31 January 2017 (“YTDQ4-FY17”), Yinson reported a revenue of RM543.3 million from its continuing operations translating to a 28.0% increase as compared to its corresponding period last financial year. The increase in revenue was mainly contributed by:
- Increase contributions from the Marine services business
- Higher conversion of USD against MYR
The Group’s YTD-Q4-FY17 achieved a core profit of RM230.2 million from its continuing operations, translating to a 38.2% increase as compared to RM166.6 million last year. The improving profit performance is contributed by additional revenue with higher gross profit margins on operating cost efficiency.
The Group recommend 2 sen final single-tier dividend to be approved at the forthcoming Annual General Meeting.
“We are pleased with the Group’s business performance this quarter and with the immense support of our people in Yinson, the Group is able to sustain yet another excellent track record on the financial and operational front. This quarter, we are proud to celebrate the timely completion of conversion works on FPSO John Agyekum Kufuor and the vessel has set sail for Ghana from Singapore on March 1, 2017. On January 20, 2016, the Group secured a Letter of Intent from Talisman Vietnam 07/03 B.V. to enter into exclusive negotiations for the supply of a FPSO for the Ca Rong Do (“CRD”) Field, located in Vietnam. Recently, our operations team was also awarded a letter of commendation from our client, Addax Petroleum Development (Nigeria) Ltd. for operating FPSO Adoon with track record of zero loss time injury (“LTI”) for 5 continuous years,” said Mr. Lim Han Weng, Group Executive Chairman of Yinson.
“The team in Yinson have been working relentlessly and the fruit of their labours have been admirable. We hope the Group’s performance will continue to sustain despite the sluggish oil and gas market. We are also optimistic that the oil and gas market will show signs of recovery, notwithstanding the slow progress,” Mr. Lim further added.
