KUALA LUMPUR, July 30 — Westports Holdings Bhd’s net profit rose to RM177.97 million for the second quarter ended June 30, 2021 (Q2 FY2021) from RM134.34 million previously, mainly due to growth in container revenue.
The port operator’s revenue also improved to RM505.07 million from RM431.60 million previously on the back of the rise in container revenue, according to its stock exchange filing with Bursa Malaysia.
The company also declared an interim dividend of 8.50 sen per share for the financial year ending Dec 31, 2021 (FY2021), payable on Aug 26, 2021.
For the cumulative six-month period, its net profit advanced to RM386.29 million from RM287.15 million while revenue soared to RM1.01 billion against RM905.07 million previously.
In a separate statement, Westports said the container segment contributed the most to the group’s revenue in the first half of the year, as throughput volume increased by 11 per cent to 5.3 million twenty-foot equivalent units (TEUs).
“Westports’ six-month results also reflected insurance recoveries and the absence of a general provision in the period under review — these items amounted to RM30.8 million,” it said.
The company has continued to enhance its container and conventional operational capabilities by having invested RM118.5 million in the first six months of 2021.
The port operator expects to see single-digit container throughput growth for 2021 as the vaccination rollout worldwide paves the way for a recovery in economic activities and consumer confidence, while fiscal stimulus bolsters the economy in many countries.
“Nevertheless, the trajectory towards normalcy could still have some deviations due to different vaccination rollout speeds, sporadic resurgences or lingering effects of the pandemic,” it said.
Group managing director Datuk Ruben Emir Gnanalingam Abdullah said Westports was expected to complete an additional 7.69-hectare container terminal (CT) yard by end-2021 after it had completed the container yard Zone Z at CT9 at the cost of RM81 million in 2020.
He said the company has been investing in more terminal operating equipment to strengthen the overall terminal handling capacity.
“Westports is cognisant of its role in Malaysia and the region, and has planned to undertake and build the mega container terminal from CT10 to CT17 upon reaching a new concession agreement with the government,” he added. — Bernama
