Yinson Holdings Bhd achieved a pre-tax profit of RM190 million on the back of a turnover of RM1.005 billion for the quarter ending April 30, 2022, from a pre-tax profit of RM 187 million on the back of a turnover of RM992 million previously.
For the quarter under review, the Group reported higher revenue of RM1,005 million compared to Q4 FY22’s revenue of RM741 million. The increase was mainly due to the commencement of engineering, procurement, construction, installation and commission (EPCIC) business. EPCIC business activities for FPSO Maria Quitéria and higher contribution from FPSO operations in the current financial period.
The Group’s profit before tax for the first quarter of the current financial year increased by 22.6% or RM35 million to RM190 million as compared to the preceding quarter.
The increase was mainly due to the above-mentioned contribution effect from EPCIC business activities and FPSO operations, the absence of fair value losses on other investments of RM29 million, and an increase in favourable foreign exchange movement of RM10 million, which were partially offset by a decrease in other income of RM33 million.
