Yinson Records 28% YoY Growth in Profit after Tax for Q1’FYE 2025

Source: www.gulfoilandgas.com 6/19/2024, Location: South America

Yinson Holdings Berhad (“Yinson”, or the “Group”), a global energy infrastructure and technology company, announced its financial results for the first quarter ended 30 April 2024 (“Q1’FYE 2025”), unless otherwise stated.

Latest highlights
- Solid and stable revenue from operational assets of RM702 million for Q1’FYE 2025.
- Yinson completed a private placement that raised RM283.2 million to fund energy transition businesses on 29 March 2024.
- FPSO Maria Quiteria completed its project construction phase, marked by sail away from China to Brazil on 7 May 2024. Meanwhile, FPSO Atlanta arrived safely in Brazil on 11 May 2024 to commence commissioning.
- Yinson Production successfully closed the USD 1.3 billion project financing for the Agogo FPSO in April 2024. In addition, Yinson Production debuted in the international capital markets with the successful placement of a USD 500 million senior secured corporate bond issue in the Nordic market closed in May 2024 to refinance the corporate loan and a USD 1.035 billion 144A/Reg S non-recourse, senior secured project bond issue to refinance FPSO Anna Nery closed in June 2024.
- Yinson GreenTech’s Hydromover performed Singapore’s first crew transfer with a fully electric vessel in April 2024, with several new land electrification mobility products and partnerships launched a month later.

Our operating assets continue to perform well, contributing to a 42% increase in EBITDA and 28% increase in Profit After Tax compared to the same period last year. This performance is set to grow even stronger as our assets under construction commence their charter periods as planned in the two years, paving the way for the Group’s continued growth and success as a global energy infrastructure and technology company.

Yinson recently raised RM283.2 million in proceeds from the issuance of 120 million new shares through an energy transition placement exercise, with Kumpulan Wang Persaraan (Diperbadankan) [KWAP] as the anchor investor. The funds raised will mainly be used to expand Yinson’s green technology and renewables businesses, which are expected to boost the Group’s future earnings and strengthen its equity and capital base.

Yinson Production achieved some significant milestones. FPSO Atlanta arrived safely at the Atlanta Field on 11 May and mooring campaign is well underway. FPSO Maria Quitéria completed its project construction phase, marked by its sail away to Brazil on 7 May and is now on the way to the Jubarte Field in Brazil after a short stopover in Singapore earlier this month. Both projects are on track to achieve first oil by the end of the year. First oil will also mark the commencement of both projects’ firm charter period, which will significantly boost profits and cash, enabling us to reward our shareholders and continue growing our FPSO business in line with the strong market opportunities available.

We are also pleased that Yinson Production has recently debuted in the international capital markets with the successful placement of a 5-year USD 500 million senior secured corporate bond in the Nordic market on 19 April which was closed on 3 May and will be listed on Oslo Børs. This was followed by the successful placement of a 18.2-year USD 1.035 billion 144A/Reg S non-recourse, senior secured project bond on 28 May which was closed and listed on the London Stock Exchange on 5 June, to refinance FPSO Anna Nery‘s existing financings maturing in FYE 2027.

In addition to the bond issuances, Yinson Production successfully closed the USD 1.3 billion pre- and postdelivery financing for the Agogo FPSO on 30 April. This financing is the first of its kind in the industry with a commercial multi-tranche structure featuring three pari-passu secured tranches with staggered maturities of up to 10 years post-delivery of the FPSO. With these three financings closed, Yinson Production has completely funded all current projects under construction and has no major debt maturity until FY 2029, which puts us in a strong position to develop new projects and further build our pipeline.

Yinson Renewables continues its steady progress with the construction of the 97 MWp Matarani Solar Project, located in the Arequipa region of Peru. The project is advancing as scheduled, with commercial operations anticipated to begin by the third quarter of 2024. Our assets in the Bhadla and Nokh Solar Parks continue to perform well, providing stable power generation and, consequently, predictable revenue streams. Once the Matarani Project in Peru commences operations later this year, we expect our annual generation capacity to exceed 1 TWh.

Yinson GreenTech continues to strengthen its operations and forge partnerships to electrify land and sea transportation in the region. In Singapore, marinEV and Eastern Pacific Shipping facilitated Singapore’s first crew transfer with a fully electric cargo vessel, the Hydromover, showcasing the feasibility and efficiency of electric vessels for critical maritime operations. Next, at the Malaysia Autoshow 2024 held in MAEPS Serdang, Yinson Greentech’s five brands exhibited together for the first time, unveiling their new tagline, ‘Positively Charged’. A series of announcements were made, including the launch of rydeEV’s first DC fast charging e-bike, CERVO, which is designed to complement rydeEV’s existing battery-swapping models. Other notable announcements include a strategic alliance between chargEV and KINETA to provide electric vehicle (“EV”) charging solutions to businesses and consumers, and four new additions to drivEV’s EV leasing lineup – the GAC AION Y Plus, Maxus eDeliver 7, Maxus eDeliver 3, and the Maxus T90EV, which is set to be the first fully electric pickup truck to be available in Malaysia.


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