KUALA LUMPUR, 30 JUNE 2016 YINSON HOLDINGS BERHAD (“Yinson” or the “Group”), Malaysia’s premier integrated offshore production and support services provider, today announced its first quarter results for the financial year ending 31 January 2017 (“Q1FYE2017”) with revenue of RM115.4 million, up 16.4% from RM99.1 million reported in its corresponding quarter last year (“Q1FYE2016”). The revenue increase is mainly attributed to positive foreign currency conversion effect and higher marine business activities. The strong USD against the weaker MYR was indeed one of the key factors contributing to the surge in revenue for Q1FYE2017.

For the quarter under review, Yinson’s continuing operations reported profit after tax (“PAT”) of RM20.7 million, as compared to Q1FYE2016 of RM8.2 million, translating to an increase of 152.4%. The improved PAT is mainly due to higher marine services, absence of fair value loss on derivatives and positive foreign currency conversion effect.

In comparison between the Group’s reported PAT to the Group’s core profit after tax (“PAT”), the Group’s said core PAT for continuing operations is reported higher at RM35.8 million for the quarter under review.

The Group’s Marine segment reported PAT for Q1FYE2017 has registered an increase of 5.6% against its corresponding quarter of Q1FYE2016 from RM33.7 million to RM35.6 million.

“The results for our first quarter signifies a steady start for our financial year despite the current pessimistic global economic outlook. Our well-structured long-term contracts with an orderbook of USD5.6 billion will continue to support the Group’s earning visibility for the future.” said Mr. Lim Han Weng, the Group Executive Chairman. “For now, we will continue to focus on the delivery our current contracts in hand, especially our ENI Ghana Project” Mr. Lim further added further.

The ENI Ghana Project refers to the oil field named the Offshore Cape Three Points Block (OCTP), located in the Tano Basin, off the coast of Ghana and operated by Eni Ghana Exploration and Production Ltd (“ENI Ghana”), in which the Group via Yinson Production (West Africa) Pte Ltd and Yinson Production West Africa Limited was awarded the contract for the chartering, operation and maintenance of a FPSO facility on 27 January 2015.

The tenure of contract is for a firm period of fifteen (15) years with a five (5) yearly extension option exercisable by ENI Ghana; holding an aggregate contract value of up to USD3.26 billion (equivalent to approximately RM11.74 billion). The contract is expected to contribute positively to the Group’s earnings for the financial year ending 31 January 2018 onwards.

Separately, during the Group’s Annual General Meeting held on 29 June 2016, the shareholders had approved a first and final single tier dividend for the financial year ended 31 January 2016 of 2 sen per ordinary share.