Thursday 28 Mar 2024
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KUALA LUMPUR (March 25): Yinson Holdings Bhd net profit grew marginally by 3.08% to RM67 million in the fourth quarter ended Jan 31, 2021 (4QFY20) against RM65 million reported in the previous corresponding quarter, on the back of higher EPCIC (Engineering, Procurement, Construction, Installation & Commissioning) business activities contribution.

Earnings per share went up to 6.3 sen from 6 sen, based on Bursa Malaysia’s filing today.

The group’s quarterly revenue, however, declined by 32.8% to RM1.25 billion from RM1.86 billion.

Nonetheless, Yinson has declared a final dividend of two sen to be paid on Aug 30, 2021.

On a quarter-on-quarter (QoQ) basis, Yinson’s net profit fell 33.48% from RM100.73 million in the preceding quarter, while revenue dropped almost 45% from RM2.23 billion mainly due to one-off outright sales recognition in the preceding quarter.

For the full-year period (FY20), Yinso’s annual net profit was up by 50% to RM315 million from RM210 million in FY19 while revenue ballooned by 92.5% to RM4.85 billion from RM2.52 billion, underpinned by contribution from EPCIC business activities.

On its outlook, the group anticipates the oil and gas industry to be challenging, as the emergence of new alternative energy sources and financial institutions' risk appetite changes towards the industry.

“Overall, the current global economy is exposed to the risk of ongoing trade protectionism, uncertain geopolitical conditions and the disruption of the global trade chain caused by Covid-19 bringing higher downside risks.

“The management is cautiously confident in the group’s ability to stay resilient through the challenges with existing order books and continued positive performance in project execution and operations,” it said.

Shares of Yinson ended seven sen or 1.31% higher at RM5.40, valuing the company at RM5.94 billion.

Edited ByKathy Fong
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