49 LEADERSHIP MESSAGES FPSO Operations profitability FPSO Operations represent YP’s core operating activities, comprising the leasing of vessels and marine-related services. These are areas in which the Group has extensive experience and a strong track record. The Group had four operating FPSOs and one operating FSO on charter as at 31 January 2023. After 16 years and 3 months of highly successful operations in Nigeria, FPSO Adoon was sold and handed over to the new owner on 11 January 2023. Core PAT (RM million) PAT (RM million) FYE 573 507 325 259 317 FYE 581 500 528 283 331 EBITDA (RM million) FYE 1,153 1,032 943 743 821 Core EBITDA (RM million) FYE 1,161 1,023 1,079 758 815 2023 2022 2021 2020 2019 2023 2022 2021 2020 2019 2023 2022 2021 2020 2019 2023 2022 2021 2020 2019 In FYE 2023, FPSO Operations’ EBITDA and PAT grew by 12% and 13% respectively as compared to FYE 2022. The growth was driven primarily by rate escalation to reflect inflation and oil price increases in line with our operations agreements and a one-off gain on the sale of FPSO Adoon of RM22 million. Our industry-leading safety and uptime performance undertaken by our global operations teams, which resulted in 100% commercial uptime across our fleet in FYE 2023, together with higher oil prices resulting in more favourable charter rates and cash flows, allowed us to maintain the asset values of our offshore production assets. Core EBITDA and Core PAT were 14% and 16% higher at RM1.2 billion and RM581 million respectively, which highlights the fact that our business model is both stable and profitable. FINANCIAL REVIEW
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