PETALING JAYA: Yinson Holdings Bhd’s net profit jumped 86.6% to RM100.73 million for its third quarter ended Oct 31 against RM53.97 million in the same quarter of the previous year, attributed to a positive contribution from its engineering, procurement, construction, installation and commissioning (EPCIC) segment, absence of impairment loss and lower loss of foreign exchange.
Revenue for the period rose over ninefold to RM2.26 billion from RM240.97 million reported previously.
For the nine-month period, it reported a net profit of RM247.8 million, a 70.9% improvement from RM144.96 million reported in the same period of the previous year.
The group’s revenue for the period stood at RM3.6 billion, over a fivefold increase from RM663.4 million reported previously.
According to its Bursa filing, the group holds the view that the long-term outlook for the oil and gas industry remains challenging, with the emergence of alternative energy sources and a lower financial institutional risk appetite towards the sector.
Overall, it said, 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.
Moving forward, Yinson is cautiously confident in its ability to stay resilient through the challenges with existing order books and a continued positive performance in project execution and operations.
