Yinson 1Q net income 228.0M ringgit, +98% y/y

Yinson Holdings Berhad reported a net income of RM228.0 million for the first quarter of FY2026, representing a 98% year-on-year increase. This marked a significant turnaround from the RM115 million net profit recorded in the same period the previous year. The improvement was attributed to lower income tax expenses, stemming from change in tax basis for the Group’s Offshore Production operations in the Netherlands.

Despite the strong net income growth, the company’s revenue for the quarter declined by 44% year-on-year to RM1.23 billion, primarily due to reduced EPCIC contributions. The FPSO Maria Quitéria and FPSO Atlanta had achieved first oil in Q3 and Q4 of FY2025, respectively, while Agogo FPSO final stages.

The Group also declared an interim single-tier dividend of 2.0 sen per share, amounting to approximately RM56 million, reflecting a 93% increase year-on-year. Additionally, Yinson executed a share buyback program, returning RM244 million in capital to shareholders.

Looking ahead, the company has opted to pause major new investments, focusing instead on cash flow generation from ongoing projects and awaiting Agogo FPSO charter. Yinson remains committed to its core operations and has announced strategic partnerships for decarbonisation.