Yinson’s Q1 net profit rises to RM120m due to higher revenue

Thursday, 23 Jun 2022 8:18 PM MYT

KUALA LUMPUR, June 23 — Yinson Holdings Bhd’s net profit for the first quarter ended April 30, 2022 rose to RM120 million versus RM112 million chalked up in the same period a year ago.

Revenue for the quarter under review jumped to RM1.01 billion as compared with RM992 million previously, the company said in a filing with Bursa Malaysia today.

Commenting on its prospect, Yinson said it is well positioned to face the uncertainties with robust risk and internal control management in place and the current implementation of robust cost control management.

“We will continue to apply measures to prudently manage inflation risk including hedging, effective forecasting, diversification of costs across geographical markets, factoring inflation risk into our contracts and strategic management of our inventories,” it added.

Yinson also reiterated that as an energy infrastructure and technology provider with a solid leadership position in sustainability, the management is confident of the group’s ability to stay resilient amidst the rising global economic challenges with its underlying risks. — Bernama