Yinson reported its financial performance for Q4 FY24 and the full year standings, as for the quarter under review, the group reported a lower revenue of RM2.7 billion compared to Q3 FY24’s revenue of RM2.8 billion however it was higher compared to the previous years quarter of RM1.9 billion. Profit after tax was also significantly better at RM278 million as compared to RM171 million.
As compared to Q3’FY24’s revenue, there was a decrease of RM563 million, which it said was mainly due to lower contribution from EPCIC business activities. The lower contribution from EPCIC business activities mainly arose from lower reported progress for FPSO Maria Quitéria and FPSO Atlanta, which was partially offset by higher reported progress for FPSO Agogo. The actual progress of the projects under construction is in line with the group’s expectations.
Revenue for the financial year under review increased by RM5.3 billion to RM11.5 billion as compared to RM6.2 billion in the corresponding financial year ended 31 January 2023. The increase in revenue was mainly due the EPCIC business activities for FPSO Agogo had commenced subsequent to the execution of firm contracts with Eni Angola S.p.A. on 27 February 2023.
The acquisition of the entire equity interest in AFPS B.V. by Yinson Bouvardia Holdings Pte. Ltd., an indirect wholly-owned subsidiary of the Company, from Atlanta Field B.V. by way of exercising the call option granted pursuant to the Call Option Agreement dated 21 February 2022 was completed on 31 July 2023. This resulted in the recognition of additional revenue of
RM422 million for FPSO Atlanta.
Profit after tax for the full year was at RM964 million as compared to RM589 million registered in FY23.
The Board has recommended a final single-tier dividend of 1.0 sen per share for the financial year ended 31 January 2024.
