KUALA LUMPUR, Sept 23 — Yinson Holdings Bhd’s net profit for the second quarter (Q2) ended July 31, 2021, improved to RM126 million compared to RM100 million recorded in the same quarter last year.

Revenue also rose to RM1.05 billion from RM995 million reported in the same period last year, the energy infrastructure and technology company said in a filing with Bursa Malaysia today.

It said the increase in revenue was driven by higher revenue in the engineering, procurement, construction, installation and commission (EPCIC) business related to floating production storage and offloading (FPSO) Anna Nery conversion.

"The increased performance in Q2 was also due favourable foreign exchange movement of RM8 million and increase in the share of profit from joint ventures of RM7 million, which offset the impact of the increase in finance costs of RM12 million,” it said.

On prospect, the company said the long-term outlook for the oil and gas industry remains challenging due to the emergence of new alternative energy sources and the changing appetite of financial institutions towards the industry.

"The management is cautiously confident in the group’s ability to stay resilient through the challenges with existing order books and continued positive performance in project execution and operations,” it added.

Meanwhile, Yinson also declared an interim single-tier dividend of four sen per ordinary share, which will be paid on Dec 17, 2021.

At close today, Yinson’s share price remained unchanged at RM4.90 per share with 3.33 million shares changing hands. — Bernama