Westports’ 4Q net profit up 5% to RM235m

WESTPORTS Holdings Bhd’s fourth quarter ended Dec 31, 2022 (4Q22) net profit increased by 5.5% to RM235.04 million from RM222.88 million a year earlier due to investment tax allowance. 

Revenue in the said quarter rose 3.4% to RM521.14 million against RM503.9 million previously.

It told Bursa Malaysia today that its earnings per share increased to 6.89 sen from 6.54 sen. 

The port operator declared a dividend of 7.46 sen per share totalling RM254.39 million to be paid on Feb 17. 

The group’s operational revenue was up by 4% to RM511.45 million from RM494.03 million thanks to the growth in container revenue.

However, its profit before tax declined 5% to RM251.27 million mainly due to higher fuel cost and write-off of old port equipment. 

For the 12 months under review, Westports’ net profit fell by 13.4% to RM699.58 million from RM808.22 million in the year before amid higher fuel cost, lower sundry income and the one-off Prosperity Tax.

Revenue in financial year 2022 (FY22) revenue inched up 2.33% to RM2.07 billion from RM2.02 billion, due to higher operational revenue attributed to the growth in container and conventional revenue. 

Westports said the container segment contributed 86% to total revenue by handling a throughput volume of 10.05 million twenty-foot equivalent units (TEUs). 

On its prospects for 2023, Westports is projecting a low single-digit positive container throughput.

“The forecast nevertheless entails a cautionary note as global economic momentum could be affected by various potentially unfavourable factors, such as higher inflation, higher interest rates and volatile markets,” it said. — TMR / pic source: westportsholdings.com