KUALA LUMPUR: Yinson Holdings Bhd, a global energy infrastructure and technology company, in announcing its financial results for the second quarter ended July 31, 2023 (Q2 FY24) said the group reported a higher revenue of RM3.11 billion compared to Q1 FY24’s revenue of RM3.02 billion.

The increase was mainly due to the maiden contribution from FPSO Anna Nery’s operations since first oil was achieved on May 7, 2023, which was partially offset by lower contribution from EPCIC ( Engineering, Procurement, Construction, Installation, and Commissioning) business activities (based on progress of construction).

The lower contribution from EPCIC business activities mainly arose from lower reported progress for FPSO Agogo and FPSO Maria Quitéria. The actual progress of their projects under construction is in line with the group’s expectations.

The group’s profit after tax for Q2 FY24 increased by 42% or RM81 million to RM275 million as compared to RM194 million in the preceding quarter.

For the YTD Q2 FY24, revenue increased by 134% to RM6.13 billion as compared to RM2.63 billion in YTD Q2 FY23, which was mainly due to higher contribution from EPCIC business activities (based on progress of construction).

In the current financial period, EPCIC business activities for FPSO Agogo had commenced subsequent to the execution of firm contracts with Eni Angola S.p.A. on Feb 27, 2023.

On March 23, 2023, the board of directors recommended a final single-tier dividend of 1 sen per share for the financial year ended Jan 31, 2023. The proposed dividend was approved by shareholders at the Annual General Meeting held on July 13, 2023. The dividend, which amounted to RM29 million, was paid on Aug 30, 2023.

In addition, the board of directors has declared an interim single-tier dividend of 2 sen per ordinary share for the financial year ending Jan 31, 2024, amounting to approximately RM58 million. The interim single-tier dividend entitlement date and payable date are Nov 30, 2023 and Dec 15, 2023 respectively.