33 LEADERSHIP MESSAGES | FINANCIAL REVIEW FINANCIAL REVIEW COMMENTARY BY GUILLAUME JEST, GROUP CHIEF FINANCIAL OFFICER In FYE 2024, the Group continued to deliver on its value creation objectives, producing its best performance to date for both revenue and PAT. Revenue was RM11.6 billion, an 84% increase compared to the RM6.3 billion recorded the year before. As a result, PAT also increased to RM1.1 billion, 94% higher from RM588 million in FYE 2023. This increase in PAT to a new record level reaffirms that our strategy of inclusive transition and adaptability as an energy infrastructure and technology company is delivering results. CONTINUED GROWTH OF OUR BUSINESSES In FYE 2024, we continued to deliver our projects as planned and invest in the growth of our businesses, which aligns with our strategy of inclusive transition and adaptability. On 7 May 2023, Yinson Production delivered FPSO Anna Nery. Since first oil was achieved, FPSO Anna Nery has been delivering impressive operational results. In FYE 2024, FPSO Anna Nery contributed RM1.2 billion* and RM547 million* in FPSO Operations revenue and PAT respectively. FPSO Maria Quitéria, FPSO Atlanta and FPSO Agogo continue their construction as planned. They are expected to be completed and delivered to our clients within the next two financial years. The delivery of FPSO Maria Quitéria and FPSO Atlanta is scheduled in FYE 2025. As the remaining projects under construction are progressively completed, the significance of contribution from FPSO Operations will increase, strengthening the Group’s track record of stable profits and cash flows. In FYE 2024, the proportion of FPSO Operations revenue to total revenue of Yinson Production increased significantly from 12% in Q1 FYE 2024 to 40% in Q4 FYE 2024. INCREASE IN REVENUE CONTRIBUTION FROM FPSO OPERATIONS Revenue from FPSO Operations Revenue from EPCIC Contribution of FPSO Operations to Yinson Production revenue (%) 2,620 615 2,464 655 2,122 426* 644 1,588 365 12% 20% 24% Q1 FYE 2024 0 0 5 10 15 20 25 35 30 40 500 1,000 1,500 2,000 3,000 2,500 Revenue (RM million) Contribution of FPSO Operations to Yinson Production revenue (%) Q2 FYE 2024 Q3 FYE 2024 Q4 FYE 2024 40% 1,070 * Including effect of remeasurement of finance lease receivable of RM426 million and RM316 million to FPSO Operations revenue and PAT respectively, which arises from the estimated charter day rate escalation determined at lease commencement and effective dates as stipulated in the charter contract.
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