KUALA LUMPUR (Dec 14): Yinson Holdings Bhd posted its highest quarterly net profit of RM248 million for the third quarter ended Oct 31, 2023 (3QFY2024), an increase of 60% compared with RM155 million a year earlier, underpinned by a higher revenue.

Earnings per share increased to 7.3 sen from 4.2 sen, the floating, production, storage and offloading (FPSO) contractor's filing with Bursa Malaysia showed.

Quarterly revenue grew 62% to RM2.81 billion from RM1.74 billion a year ago.

On a quarter-on-quarter basis, the group's net profit came in 8% higher from the RM230 million registered in 2QFY2024, while revenue fell 10% from RM3.11 billion.

For the first nine months of FY2024, net profit rose 64.11% to RM686 million from RM418 million, mainly due to an increase in engineering, procurement, construction, installation and commissioning (EPCIC) revenue.

Nine-month revenue doubled to RM8.94 billion from RM4.36 billion, thanks to the higher EPCIC revenue.

Moving forward, Yinson said that despite the ongoing recovery of global markets, it remains vigilant due to potential market reactions to restrictive monetary policies.

“Regardless, the group is committed to executing and delivering its projects with the diligence and steadfastness its investors and shareholders have come to expect from Yinson,” it added.

Shares in Yinson settled two sen or 0.81% higher at RM2.50 on Thursday, giving the group a market capitalisation of RM7.66 billion.