KUALA LUMPUR: Yinson Holdings Bhd's net profit slid to RM203 million in the first quarter ended April 30, 2024 (1Q) from RM208 million in the same period a year ago, dragged by lower revenue registered in the current quarter.
The energy infrastructure and technology company said revenue fell to RM2.21 billion from RM3.01 billion, mainly attributable to lower contribution from its engineering, procurement, construction, installation and commissioning (EPCIC) business activities, due to lower reported progress for three floating production storage and offloading (FPSO) assets – FPSO Atlanta, FPSO Maria Quitéria and FPSO Agogo – which are under construction.
"FPSO Maria Quitéria and FPSO Atlanta are expected to be completed by the end of the current financial year, which was partially offset by fresh contribution from FPSO Anna Nery's operations since first oil was achieved on May 7, 2023.
"The actual progress of our projects under construction is in line with the group's expectations," it said in a filing with Bursa Malaysia today.
Yinson said as FPSO Atlanta, FPSO Maria Quitéria and FPSO Agogo commence their charter periods over the next year or two, the group will transition into a phase of stable growth, where it is poised to receive steady, contracted income streams for the next few decades.
"The strong focus on deliveries will also mean giving big investments a break until these deliverables are met, and the start of the cash flows are seen," it said.
Moving forward, Yinson said it remained optimistic about the future of its businesses.
"With our focus on delivery and sustainability, 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 the financial year ending Jan 31, 2025 (FY2025)," it said.
Meanwhile, Yinson has declared an interim single tier dividend of one sen per share for FY2025, amounting to about RM30 million, subject to shareholders' approval.