Yinson reported a revenue decrease of 10% to RM741 million as compared to Q3’FYE2022 revenue of RM820 million for its quarter 4 performance. The group added that the decrease was mainly attributed to lower progress from EPCIC business activities, i.e. the FPSO Anna Nery conversion.
As for-profit after tax in the above-mentioned quarter, the group saw a decrease by 25% or RM31 million to RM94 million as compared to RM125 million in the preceding quarter. The decrease it said was also mainly attributable to the lower contributing effects from EPCIC business activities. Additionally, Yinson said the lower profit was also due to fair value loss on other investments of RM29 million, higher financing costs of RM16 million, mainly arising from the drawdown of the RM1 billion Sustainability-Linked Sukuk Wakalah in December 2021, and one-off cost incurred for early refinancing of the existing loans for the Renewables segment and increase in income tax expense of RM21 million, which were partially offset by an increase in other income of RM46 million.
For YTD Q4’FYE2022, revenue decreased by 26% to RM3,607 million as compared to RM4,849 million, which was mainly attributable to the one-off outright sale recognition of RM1,095 million from FPSO Abigail-Joseph upon its lease commencement in October 2020, lower contribution from EPCIC business activities related to FPSO Anna Nery and lower contribution from the charter of VLCC tankers.
The Group’s profit after tax for YTD Q4’FYE2022 increased by RM112 million or 27% to RM524 million as compared to RM412 million for the corresponding financial year ended 31 January 2021, attributed to fresh contribution from FPSO Abigail-Joseph which commenced its lease in October 2020.
Additional positive contributions for the reported period also came from the absence of contract acquisition costs written off of RM104 million, absence of impairment loss on tax recoverable of RM12 million, decrease in impairment loss on property, plant, and equipment of RM30 million, increase in favourable foreign exchange movement of RM40 million and absence of one-off RM84 million deposit forfeiture related to the lapsed proposed part acquisition of Ezion Holdings Limited in September 2020.
The positive contributions were partially offset by fair value loss on other investments of RM29 million and an increase in finance costs of RM69 million. The increase in finance costs was partially offset by the absence of one-off recycling of the remaining deferred financing cost of RM41 million associated with the repaid loan upon completion of FPSO JAK’s refinancing exercise in April 2020.
During the current financial year, the Group paid a final single tier dividend for the financial year ended 31 January 2021 and an interim single-tier dividend for the financial year ended 31 January 2022, which amounted to 2.0 sen and 4.0 sen per ordinary share, respectively.
The Board of Directors has further proposed a final single-tier dividend of 2.0 sen per ordinary share for the financial year ended 31 January 2022.
