PETALING JAYA: Yinson Holdings Bhd’s net profit for its fourth quarter ended Jan 31, 2022, dropped slightly to RM65mil from RM67mil in the previous corresponding period, mainly due to scheduled lower progress in engineering, procurement, construction, installation and commission (EPCIC) business activities.

       In a filing with Bursa Malaysia yesterday, Yinson said the group’s pre-tax profit for the fourth quarter of the current financial year decreased by 6.6% or RM11mil to RM155mil, as compared to the RM166mil in the preceding quarter.

       “The decrease was mainly due to lower contribution effect from EPCIC business activities, fair value losses on other investments of RM29mil and higher financing costs of RM16mil.”

       Yinson said this was mainly due to the drawdown of the RM1bil sustainability-linked sukuk in December 2021 and one-off cost incurred for early refinancing of the existing loans for the renewables segment, which were partially offset by an increase in other income of RM46mil.

       Revenue in the fourth quarter fell to RM741mil from RM1.25bil a year earlier.

       For its financial year ended Jan 31, net profit rose to RM401mil from RM315mil in the previous corresponding period, while revenue stood at RM3.61bil compared with RM4.85bil a year earlier.

       For its offshore production and offshore marine, Yinson said revenue for the financial year under review decreased by RM1.31bil to RM3.53bil, as compared to RM4.84bil in the corresponding financial year ended Jan 31, 2021.

       “The decrease in revenue was mainly due to the one-off outright sale recognition of RM1.10bil from floating production storage and offloading (FPSO) Abigail-Joseph upon its lease commencement in October 2020, lower contribution from EPCIC business activities related to FPSO Anna Nery and lower contribution from charter of VLCC tankers.

       “Nevertheless, the segment recorded higher results by RM76mil to RM1.19bil as compared to RM1.11bil in the corresponding financial year ended Jan 31, 2021, mainly compensated by the absence of one-off contract acquisition costs written off incurred in the previous financial year and fresh contribution from lease operation of FPSO Abigail-Joseph since October 2020,” the company said.

       Commenting on its prospects, Yinson said global energy demand has been increasing and outstripping supply, causing strain on the global energy supply chain.

       Yinson also declared a final single-tier dividend of two sen per share.

       According to the company, the proposed dividend is subject to shareholders’ approval at the forthcoming AGM.

       If approved, the entitlement date and payable date for the dividend would be Aug 4 and Aug 30 respectively.