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KUALA LUMPUR: Yinson Holdings Bhd’s net profit grew 7.14% to RM120mil in the first quarter ended April 1, from RM112mil registered in the same quarter last year.
The energy infrastructure group said its revenue rose to RM1bil during the quarter against RM992mil a year prior, mainly due to the commencement of engineering, procurement, construction, installation and commission (EPCIC) business activities for floating production storage and offloading (FPSO) Maria Quitria and higher contribution from FPSO operations in the current financial period.
Yinson said the higher profit during the quarter was due to the contribution effect from EPCIC business activities and FPSO operations, the absence of fair value losses on other investments of RM29mil and an increase in favourable foreign exchange movement of RM10mil, which were partially offset by a decrease in other income of RM33mil.
In a statement, group executive chairman Lim Han Weng said the group’s first quarter performance has been strong given the favourable market condition as more economies around the world transitioned from pandemic to endemic.
He said the group has been actively pursuing a number of activities and received several recognitions from various establishments for our leadership role in ESG-related matters during the quarter.
Looking ahead, Lim said although the reopening of economies is hastening and businesses are starting to regain momentum, the war between Russia and Ukraine is still of concern.
The increase in energy and commodity prices along with global supply chain disruption, coupled with slow economic growth and rising unemployment rates could potentially lead to a stagflation followed by a recession as forecasted by the World Bank and many economists.
“Nonetheless, we are confident that these events will have little impact on our bottom line as our business operations have demonstrated resilience over the pandemic and movement restriction orders that had previously caused a worldwide negative ripple effect. The advantage we have over our compe *** s is our knowledge and expertise in project management.
“We remain steadfast on timely execution and will continue delivering powerful solutions that our stakeholders have come to expect of us in the second half of 2022,” Lim said.