46 YINSON HOLDINGS BERHAD | INTEGRATED ANNUAL REPORT 2023 FINANCIAL REVIEW The Group’s profitability benchmark indicators continued to grow in FYE 2023 with higher contributions from EPCIC and FPSO Operations business activities (refer to EPCIC and FPSO Operations profitability sections), and ongoing global recovery from the effects of the Covid-19 pandemic. The Group’s EBITDA was RM1.8 million and PAT was RM588 million, which were 27% and 12% higher than the previous financial year respectively – our best performance yet. In FYE 2023, the Group was subject to two key market forces, cost inflation and a global increase in interest rates. The Group works actively to mitigate the impacts arising from these market forces through our robust risk, internal control and cost control measures. Nevertheless, the Group incurred exceptional or non-core costs in FYE 2023, including an impairment loss on property, plant and equipment of RM117 million to factor in project cost increases due to solar panel price increases and net foreign exchange loss of RM44 million. The Group charted a 75% increase in revenue in FYE 2023 compared to FYE 2022, from RM3.6 billion to RM6.3 billion, which was mainly attributable to the commencement of EPCIC activities for FPSO Maria Quitéria and FPSO Atlanta, and higher contribution from the Group’s FPSO operations in the financial year under review. In addition, we have been actively building our Renewables and Green Technologies business units, with healthy business development activities and new projects secured. The revenue contributions from the Group’s joint venture arrangements in Vietnam are presented separately as adjusted revenue and accounted for in accordance with the Group’s equity ownership. Group profitability FYE 1,935 1,411 1,491 793 832 FYE 1,782 1,402 1,236 770 801 Core EBITDA (RM million) EBITDA (RM million) 741 534 735 293 296 FYE Core PAT (RM million) PAT (RM million) 588 524 412 261 264 FYE 2023 2022 2021 2020 2019 2023 2022 2021 2020 2019 2023 2022 2021 2020 2019 2023 2022 2021 2020 2019
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