65 ANNUAL REPORT 2022 STRATEGY & OUTLOOK NON-EPCIC PROFITABILITY PAT (RM’ MILLION) FYE 2022 507 FYE 2021 325 FYE 2020 259 FYE 2019 317 FYE 2018 412 FYE 2022 FYE 2021 FYE 2020 FYE 2019 32.0 FYE 2018 46.8 PAT Margin (%) 39.4 23.1 28.3 EBITDA (RM’ MILLION) FYE 2022 1,032 FYE 2021 943 FYE 2020 743 FYE 2019 821 FYE 2018 738 FYE 2022 FYE 2021 FYE 2020 FYE 2019 82.8 FYE 2018 83.8 EBITDA Margin (%) 80.2 67.0 81.1 In FYE 2022, non-EPCIC EBITDA and PAT grew by 9.4% and 56.0% respectively as compared to FYE 2021. The growth is driven primarily by FPSO Abigail-Joseph completing its first full financial year of operations and the absence of certain one-off costs incurred in the previous financial year. Our joint ventures have also collectively contributed share of profit of RM10 million in the financial year under review as compared to share of loss of RM29 million in the previous financial year, mainly due to recovery of certain operating overheads and absence of impairment loss on an FPSO incurred in the previous year. Our PAT and EBITDA margins for non-EPCIC business activities have also increased significantly in FYE 2022 to 39.4% and 80.2% respectively, as compared to 23.1% and 67.0% in the previous financial year, which is yet another indication of our profitable business model. Our industry-leading safety and uptime performance undertaken by our global operations teams, which resulted in 100% commercial uptime across our fleet in FYE 2022; together with high oil prices resulting in more favourable charter rates and cash flows, has allowed us to maintain the asset values of our offshore production assets. Operational performance, pg 101 Elsewhere, it was good news for FPSO PTSC Lam Son as we received a 6-month extension to the Bareboat Charter Contract until 30 June 2022. This is the twelfth time that PTSC has renewed the charter contract with Yinson, and our continued partnership with PTSC on FPSO PTSC Lam Son has contributed positively to the Group’s FYE 2022 results through our 49% investment in the asset. FINANCIAL REVIEW
RkJQdWJsaXNoZXIy NDgzMzc=