KUALA LUMPUR, Aug 1 — Westports Holdings Bhd’s net profit rose 14 per cent to RM231.63 million in the second quarter, compared with RM203.75 million in the same period last year, on higher container revenue, although increased operating expenses partly offset it.
Revenue surged 25 per cent to RM691.05 million from RM552.99 million previously, it said.
“This growth was mainly driven by higher container revenue,” the group said in a Bursa Malaysia filing.
During the six months ended June 30, Westports recorded a higher net profit of RM454.09 million, an increase of 11 per cent compared with RM408.26 million.
Revenue improved by 20 per cent to RM1.31 billion from RM1.1 billion previously, as the company handled a container volume of 5.57 million TEUs.
It said the intra-Asia trade continued to underpin Westports’ container volume as the trade lane accounted for 61 per cent of the volume handled.
The conventional segment handled and facilitated a throughput of 5.71 million metric tonnes of bulk cargo during the six months, with notable growth in the dry bulk segment.
Westports operates 24 hours a day with a staff strength of 5,600. The operational workforce cost is the most significant cost component, increasing by 8 per cent.
The company has increased its payments to the port authority under the extended supplemental privatisation agreement, which commenced on September 1, 2024. “The cash flow statement reflected higher service concession-related assets and obligations,” it said.
The board has declared an interim single-tier dividend of 9.93 sen per ordinary share of Westports for the financial year ending December 31.
Executive chairman Datuk Ruben Emir Gnanalingam said the United States economy remained resilient despite trade tariffs. In contrast, the region’s demand for container handling remained strong due to a container shipping alliance restructuring.
“At Westports, we anticipate favourable demand for container terminal handling facilities by the time the company commissions the expanded container terminal CT10 into service in 2028,” Ruben said.
