Yinson Holdings Bhd recorded a 14.8% increase in profit after tax (PAT) to RM295 million for the cumulative six-month period (1H26), despite revenue falling 15.4% to RM2.19 billion from RM2.59 billion a year earlier.
The stronger bottom line came even as revenue declined by RM400 million, while PAT increased by RM38 million from RM257 million in the corresponding period.
For the second quarter, revenue rose 8.3% to RM1.14 billion from RM1.05 billion in the preceding quarter, driven mainly by annual charter-rate escalation on the finance lease for FPSO Maria Quitéria and a higher number of operating days.
Second-quarter PAT climbed 19.5% year-on-year to RM147 million from RM123 million, supported by the same revenue drivers and a higher share of results from joint ventures, particularly as construction of the Lac Da Vang project progressed.
The gains were partly offset by higher finance costs stemming from one-off interest charges related to the early repayment of a term loan.
Looking ahead, the group said offshore oil and gas production is expected to remain an important part of the global energy system over the medium term, supporting demand for floating production solutions, particularly across South America, Africa and Southeast Asia.
Its fully operational FPSO fleet carries about US$19.3 billion in contracted revenue backlog, providing recurring cash-flow visibility, while Yinson Renewables has forecast revenues of about US$2.5 billion backed by long-term power purchase agreements.
The group also sees continued momentum in renewable energy, carbon capture and storage, floating liquefied natural gas and electric mobility, while maintaining a disciplined approach to capital management and project development.
Against this backdrop, Yinson said it remains cautiously optimistic of delivering satisfactory results for the financial year ending Jan 31, 2027.
The board declared a second-quarter interim single-tier dividend of one sen per share, amounting to approximately RM29 million. The dividend is payable on Dec 18, 2026, with an entitlement date of Dec 4.
