Yinson Holdings Berhad reported a 10% increase in profit after tax (PAT) to RM148 million for the first quarter ended 30 April 2026 (Q1 FY2027), supported by operational contributions from its Agogo Floating Production Storage and Offloading (FPSO) asset.
The Group’s revenue stood at RM1.05 billion during the quarter, representing a 15% decline from the previous corresponding period, mainly due to the absence of Engineering, Procurement, Construction, Installation and Commissioning (EPCIC) activities following the completion progress of construction works.
The lower revenue was partially offset by contributions from the Agogo FPSO, which commenced its charter period on 12 August 2025.
Despite the revenue decline, Yinson’s earnings before interest, taxation, depreciation and amortisation (EBITDA) increased 5% to RM611 million, reflecting stronger contributions from operational assets.
The Group said the higher PAT was mainly driven by the operational contribution from Agogo FPSO, although this was partially offset by lower share of results from joint ventures and associates.
On a quarter-on-quarter basis, revenue remained stable at RM1.05 billion compared with RM1.06 billion in Q4 FY2026.
However, EBITDA declined 9% quarter-on-quarter due to higher FPSO operational costs and the absence of certain one-off items recognised in the previous quarter.
Yinson said quarterly profit also fell 41% quarter-on-quarter, mainly due to the same factors affecting EBITDA, as well as lower contributions from joint ventures and associates.
The weaker associate contribution was partly attributed to the absence of annual charter rate escalation from finance lease recognition recorded in Q4 FY2026, alongside higher utilisation of spare parts for the FPSO Anna Nery during Q1 FY2027.
