KUALA LUMPUR, Macrh 29 — Yinson Holdings Bhd’s net profit for the financial year ended Jan 31, 2022 (FY2022) increased to RM401 million from RM315 million recorded in the financial year 2021.

Revenue, however, fell to RM3.61 billion from RM4.85 billion previously

For the fourth quarter (Q4), Yinson’s net profit decreased to RM65 million from RM67 million in the same period last year while revenue slipped to RM741 million from RM1.25 billion previously.

In a filing with Bursa Malaysia today, it said the decrease was mainly due to the lower contribution effect from engineering, procurement, construction, installation and commission (EPCIC) business activities, fair value losses on other investments of RM29 million and higher financing costs of RM16 million.

It added that the higher financing costs mainly arose from the drawdown of the RM1 billion Sustainability-Linked Sukuk in December 2021 and a one-off cost incurred for early refinancing of the existing loans for the renewables segment, which were partially offset by an increase in other income of RM46 million. — Bernama