Yinson announced its second quarter results for the period ended 31 July 2022 (Q2 FYE2023).
For the quarter under review, the Group reported higher revenue of RM1,620 million compared to Q1‘FYE2023’s revenue of RM1,005 million. The increase was mainly due to the commencement of EPCIC business activities for FPSO Maria Quitéria and FPSO Atlanta, and higher contribution from FPSO operations in the current financial period.
EPCIC business activities for FPSO Maria Quitéria and FPSO Atlanta commenced after the execution of the firm contracts with Petrobras on 7 February 2022 and with Enauta Energia S.A. on 21 February 2022 respectively. The higher contribution from EPCIC business activities related to FPSO Maria Quitéria and FPSO Atlanta was partially offset by a lower contribution from FPSO Anna Nery.
The Group’s profit before tax for the second quarter of the current financial year increased by 30.0% or RM57 million to RM247 million as compared to the RM190 million in the preceding quarter. The increase was mainly due to the above-mentioned contribution effect from EPCIC business activities and FPSO operations, which were partially offset by higher operational overheads and financing costs in the current financial period.
For YTD Q2’FYE2023, revenue increased by 28% to RM2,625 million as compared to RM2,046 million, which was mainly attributable to the higher contribution from the Group’s FPSO operations largely driven by the strengthening oil prices and higher contribution from EPCIC business activities.
The Group’s profit after tax decreased by RM2 million or 1% to RM302 million as compared to RM304 million for the corresponding financial period ended 31 July 2021. The decrease was mainly due to an increase in finance costs of RM64 million, which was mainly due to the drawdown of the secured USD670 million syndicated long-term loan facility for the FPSO Anna Nery project and the RM1.0 billion 5-year Sustainability-Linked Sukuk Wakalah in December 2021 and increase in tax expenses of RM44 million. These were partially offset by positive contributions, which largely arose from the higher
contribution from the Group’s FPSO operations and EPCIC business activities.
DIVIDEND
A final single-tier dividend of 2.0 sen per share for the financial year ended 31 January 2022 is proposed. The proposed dividend was approved by shareholders at the Annual General Meeting held on 15 July 2022. The dividend was paid on 30 August 2022.
In addition, the Board of Directors has declared an interim single-tier dividend of 1.0 sen per ordinary share for the financial year ending 31 January 2023, amounting to approximately RM29 million. The interim single-tier dividend entitlement date and payable date are 30 November 2022 and 16 December 2022 respectively.
