40 YINSON HOLDINGS BERHAD | INTEGRATED ANNUAL REPORT 2024 FYE 2024 366 2023 333 2022 167 2021 302 2020 7 PAT (RM million) FYE 2024 375 2023 336 2022 166 2021 310 2020 7 Core PAT (RM million) EBITDA (RM million) FYE 2024 1,015 2023 793 2022 410 2021 468 2020 7 Core EBITDA (RM million) FYE 2024 1,024 2023 794 2022 408 2021 476 2020 7 In line with the commencement of EPCIC activities for FPSO Agogo and other key revenue drivers (as set out in the Group revenue section) in the current financial year, the Group experienced a higher contribution from EPCIC business activities in FYE 2024. The status of the Group’s FPSOs that were under construction as at 31 January 2024 is summarised in the following table: Vessel Client Percentage of completion Expected first oil (calendar year) FPSO Anna Nery Petróleo Brasileiro S.A. Achieved first oil on 7 May 2023 FPSO Maria Quitéria Petróleo Brasileiro S.A. 75% to 100% 2024 FPSO Atlanta Enauta Energia S.A. 50% to 75% 2024 FPSO Agogo Azule Energy Angola S.p.A 50% to 75% 2025 FPSO Anna Nery achieved final acceptance and first oil on 7 May 2023, marking the commencement of the 25-year firm charter period until 2048. Our progress on FPSO Maria Quitéria, FPSO Atlanta and FPSO Agogo remain on schedule. EPCIC profitability FPSO Anna Nery, FPSO Maria Quitéria, FPSO Atlanta and FPSO Agogo comprise the four EPCIC projects undertaken by the Group in FYE 2024. These projects contain an EPCIC component where revenue is recognised over time, based on the progress of construction. Business Reviews: Yinson Production, pg 68 - 75.
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