PETALING JAYA: Yinson Holdings Bhd’s net profit for the first quarter ended April 30, 2021 (Q1) jumped to RM112mil from RM47mil in the same period a year earlier, driven mainly by the engineering, procurement, construction, installation and commission (EPCIC) segment.

       In a filing with Bursa Malaysia yesterday, the company said the strong contribution from the EPCIC business activities was related to the floating production, storage and offloading (FPSO) Anna Nery and contribution from FPSO Abigail-Joseph, which commenced its lease in October 2020.

       However, it added that the positive contributions were offset mainly by the unfavourable foreign exchange movement of RM29mil, increase in income tax expense of RM22mil, and increase in finance costs of RM33mil.

       The energy infrastructure and technology company’s revenue for Q1 also surged to RM992mil from RM344mil year-on-year, mainly due to contribution from EPCIC business activities related to FPSO Anna Nery.

       Yinson chairman Lim Hang Weng said despite the challenging environment due to the pandemic, the group saw a strong financial, operational and project performance in Q1 of its financial year ending Jan 31, 2022 (FY22), alongside expansion of its business areas.

       “The group’s revenue and core profit increased by 188% and 54%, respectively, compared to the prior year’s corresponding quarter, proving the resilience of our business model, ” he added.

       Yinson’s conversion of FPSO Anna Nery remained on track with a successful accumulation of more than 7.4 million man hours without any lost time injuries thus far.

       The group will hold its AGM on July 15, where a proposed final single-tier dividend of two sen per ordinary share for FY21 will be tabled for shareholders’ approval. If approved, the entitlement and payment dates for the dividend are expected to be on Aug 5, 2021 and Aug 30, 2021 respectively. ― Bernama