Yinson Annual Report 2020

131 Annual Report 2020 FYE 2020 FYE 2019 Change RM’000 RM’000 RM’000 % Operating results by segment Offshore & Marine 519,426 520,553 (1,127) -0.22% Other operations (331) (3,942) 3,611 -91.60% Share of results of joint ventures & associates 10,392 12,809 (2,417) -18.87% Yinson’s success in achieving lease commencement of FPSO Helang on 6 December 2019 under a Finance Lease classification has resulted in a surge in revenue by 143.44% to RM2,519.34 million. The associated one-off revenue recognition effect included herein amounted to RM1,551.48 million. Whereas, Profit After Tax (“PAT”) of RM261.30 million reported is marginally lower by 1.17%, mainly attributed to the loss in contribution due to the charter cessation of FPSO Allan in January 2019 and unfavourable foreign exchange movement. The deficit has been mainly alleviated by fresh contribution from FPSO Helang, continued stable contribution from other assets, lower impairment loss to assets and investment in joint venture. Q1 Q2 Q3 Q4 Snapshot of announced quarterly results for FYE 2020 RM’000 RM’000 RM’000 RM’000 Revenue 208,996 213,439 240,966 1,855,939 Cost of sales 88,529 81,278 104,696 1,655,233 Gross profit 120,467 132,161 136,270 200,706 EBITDA * 174,569 172,973 198,082 224,571 Profit before tax 79,677 71,547 83,682 96,212 Profit after tax 61,686 54,943 67,793 76,875 Core profit after tax 62,814 63,852 64,202 101,982 * Earnings Before Interest, Tax, Depreciation & Amortisation Core profit after tax (RM’000) 62,814 Q1 FYE 2020 63,852 Q2 FYE 2020 64,202 Q3 FYE 2020 101,982 Q4 FYE 2020