Yinson Holdings Berhad (“Yinson”, the “Company” or the “Group”), a global energy infrastructure and
technology company, today announced its financial results for the fourth quarter ended 31 January 2024
(“Q4’FYE2024”), unless otherwise stated.
Latest highlights
• Highest ever quarterly Profit after Tax and Minority Interests (“PATAMI”) of RM278 million.
• FPSO Atlanta completed project execution phase, marked by sail away from Dubai to Brazil on 15
March 2024.
• Acquired 97 MWp Matarani Solar Project in Peru on 30 January 2024.
• The MPA selected Hydromover and Hydrogylder for an enhancement programme to support its
commercialisation; and also selected Yinson GreenTech to trial its fast DC charging solutions for
larger electric vessels.
• Recognised by Sustainalytics as ESG Industry Top Rated Company; gained entry into the S&P
Global Sustainability Yearbook.
The increase in Yinson’s quarterly PATAMI to a new record level underlines the fact that its strategy of
inclusive transition as an energy infrastructure and technology company is delivering results.
Yinson Production continues to deliver solid results with an average fleet uptime of 99.8% for the current
financial year. FPSO Anna Nery continues to deliver impressive operational results in the current financial
year after achieving first oil on 7 May 2023. As the remaining projects under construction are progressively
completed over the next 2 years as planned, the significance of contribution from FPSO operations will
increase, maintaining the Group's track record of stable profits and cash.
Yinson Production continues to strengthen its position as a trusted partner in the offshore energy sector
by delivering on our commitments to our valued clients. FPSO Atlanta recently completed its project
execution phase, marked by the asset’s sail away from Dubai on 15 March 2024 to the Atlanta field in the
Santos Basin offshore Brazil. The asset is expected to arrive in Brazil during the second quarter of 2024.
Construction on our two other FPSO projects, FPSO Maria Quitéria and FPSO Agogo, are progressing well,
and are on track for first oil in the fourth quarter of 2024 and fourth quarter of 2025 respectively.
Yinson Renewables broadened its project portfolio with the acquisition of the 97 MWp Matarani Solar
Project, located in the Mollendo desert within Peru’s Arequipa region, from Grenergy Renewables. This
will be our first operational project in South America, which will generate approximately 260 GWh of
renewable energy annually into the Peruvian grid. The construction of Project Matarani is currently
underway, with commercial operations slated to commence by the third quarter of 2024. Our Bhadla and
Nokh projects continue to perform well and deliver stable generation, and thereby predictable revenue
streams. With Matarani in operation later in the year, our generation capacity will be in excess of 1 TWh
annually.
On Yinson GreenTech’s end, marinEV’s two prototype vessel designs – Hydromover and Hydroglyder –
were recently selected by the Maritime and Port Authority of Singapore (“MPA”) for an enhancement
programme to further develop and commercialise the prototypes. MPA has also selected us to trial a
megawatt DC fast charging solution to prepare for larger electric vessels in the Singapore maritime market
in future. Our EV charging infrastructure businesses, chargEV, expanded into Brunei through an
agreement with BEV Charging Company (BEV), Brunei’s first and leading public charge point operator, to
integrate their nationwide charge points into the chargEV app. This partnership offers EV drivers access
to a combined network of over 1,000 charging stations across Singapore, Malaysia, and Brunei. Last but
not least, on 23 January 2024, Yinson GreenTech collaborated with CelcomDigi to unveil Malaysia’s
inaugural lease-to-own rydeEV electric motorcycle with a postpaid plan, aimed at driving e-bike adoption
in Malaysia’s emerging 2-wheeler market.
Current quarter vs preceding quarter
For the quarter under review, the Group reported a lower revenue of RM2.70 billion compared to
Q3’FYE2024's revenue of RM2.81 billion.
Excluding the effect of charter day rate escalation of RM452 million recognised in the current quarter, the
revenue for the current quarter amounted to RM2.25 billion. As compared to Q3’FYE2024’s revenue,
there was a decrease of RM563 million, which was mainly due to lower contribution from EPCIC business
activities. The lower contribution from EPCIC business activities mainly arose from lower reported
progress for FPSO Maria Quitéria and FPSO Atlanta, which was partially offset by higher reported progress
for FPSO Agogo. The actual progress of our projects under construction is in line with the Group’s
expectations.
The Group’s EBITDA for Q4’FYE2024 stood at RM1.02 billion, a 51% increase when compared to
Q3’FYE2024. The increase was mainly due to the effect of charter day rate escalation, partially offset by
the lower contribution from EPCIC business activities as mentioned above.
The Group’s PAT increased by 42% or RM117 million to RM395 million as compared to RM278 million in
the preceding quarter. The increase reflected the same drivers as for the Group’s EBITDA, partially offset
by an increase in finance costs of RM72 million.
Current year vs preceding year
For the YTD Q4’FYE2024, revenue increased by 84% to RM11.65 billion as compared to RM6.32 billion in
YTD Q4’FYE2023, which was mainly due to the following:
• In the current financial year, EPCIC business activities for FPSO Agogo had commenced
subsequent to the execution of firm contracts with Eni Angola S.p.A. on 27 February 2023.
• The acquisition of the entire equity interest in AFPS B.V. by Yinson Bouvardia Holdings Pte. Ltd.,
an indirect wholly owned subsidiary of the Company, from Atlanta Field B.V. by way of exercising
the call option granted pursuant to the Call Option Agreement dated 21 February 2022 was
completed on 31 July 2023. This resulted in the recognition of additional revenue of RM422
million for FPSO Atlanta.
• Effect of charter day rate escalation determined at effective dates as stipulated in the charter
contracts resulted in recognition of additional revenue of RM452 million.
The Group’s EBITDA for YTD Q4’FYE2024 stood at RM3.01 billion, a 69% increase when compared to YTD
Q4’FYE2023. The increase was mainly due to the increase in EPCIC revenue as mentioned above and fresh
contribution from FPSO Anna Nery’s operations since first oil was achieved on 7 May 2023. This was
moderated by an increase in administrative expenses of RM53 million arising from higher operational
overheads incurred to drive the growth of the Group.
The Group’s PAT for YTD Q4’FYE2024 increased by RM554 million or 94% to RM1.14 billion as compared
to RM588 million for the YTD Q4’FYE2023. The increase reflected the same drivers as for the Group’s
EBITDA, moderated by the following:
Increase in finance costs of RM386 million, mainly arising from the higher drawdowns of the
project financing facilities for FPSO Anna Nery, FPSO Maria Quitéria and FPSO Agogo to fund the
EPCIC business activities in the current financial year; and
• Increase in tax expenses of RM286 million, which was in line with the higher contribution from
EPCIC business activities in the current financial year.
Dividend
The Board of Directors recommends a final single-tier dividend of 1.0 sen per ordinary share for the
financial year ended 31 January 2024. The proposed dividend is subject to shareholders’ approval at the
forthcoming Annual General Meeting. The entitlement date and dividend payment date shall be
determined by the Board of Directors at a later date.
Environment, Social and Governance Highlights
Yinson continues to receive recognition for our strong performance across various ESG criteria. We were
recognised as an ESG Industry Top Rated Company and ESG Regional Top Rated Company by
Sustainalytics, placing us in the 2nd percentile within the Energy Services industry and Oil and Gas
Equipment subindustry. Further, Yinson has been included in the prestigious S&P Global Sustainability
Yearbook 2024, marking our first recognition as a Yearbook Member. S&P Global also awarded us the
distinction of Industry Mover in acknowledgement that we charted the strongest improvement amongst
our peers within the energy equipment & services industry. We also received awards once again from HR
Asia, highlighting our position as an employer of choice in Singapore and Malaysia.
Under our flagship Corporate Social Responsibility (“CSR”) Programme, Yinson4Youth (“Y4Y”), we
awarded grants of RM50,000 each to NGOs Kelab Belia Prihatin Malaysia and Persatuan Bantuan
Kesihatan Mental (Nyawa). These organisations were selected based on their potential to drive impactful
social and environmental change, aligning with Yinson's sustainability focus areas. Other CSR initiatives
across the globe include caring for urban green spaces in London, rewilding projects in Desaru, Malaysia,
expanding the Yinson Scholar Programme in Ghana, school renovations in Kota Kinabalu, Sabah, and
mangrove restoration in Angola.
Closing statement
As we reflect on the financial year, we take pride in our sustained delivery of strong financial results, all
the while dedicated to advancing a clean and inclusive energy transition. Looking ahead, our primary
objective remains steadfast: to deliver our commitments and unlock value for our stakeholders, propelling
us towards our most significant growth trajectory to date. We extend our heartfelt gratitude to every
stakeholder who has placed their trust in us and played a part in our achievements.
