Revenue for the year under review surged 84% to RM11.65 billion from RM6.32 billion a year ago.

In a Bursa Malaysia filing today, the energy infrastructure and technology company said the increase in profit was mainly due to the higher contribution from the group’s engineering, procurement, construction, installation, and commissioning (EPCIC) business activities.

Additionally, Yinson said there was a fresh contribution from floating production storage and offloading (FPSO) Anna Nery’s operations since the first oil was achieved on May 7, 2023.

It said that for the fourth quarter (Q4) ended Jan 31, 2024, net profit rose to RM278 million from RM171 million from the previous corresponding period, while revenue stood at RM2.7 billion versus RM1.96 billion.

On the outlook, it said the FPSO market continues to see strong demand for contractors like Yinson, who have an edge in emissions reduction technologies and a solid track record of on-time delivery and safety and operational performance.

“The demand for FPSOs is positive with the increase in project sanctions around the world particularly from Brazil, being the highest FPSO demand centre, followed by West Africa,” it added.

In a separate filing, Yinson proposed a final single-tier dividend of one sen per ordinary share in respect to the financial year that ended on Jan 31, 2024.

“The proposed final single-tier dividend is subject to the shareholders’ approval at the company’s forthcoming annual general meeting.

“The entitlement date and payment date of the final single-tier dividend are to be determined at a later date,” it said.

As at 2.51pm, Yinson’s share price was up by five sen or 2.07% at RM2.47, giving it a market capitalisation of RM7.57 billion.