WESTPORTS Holdings Bhd reported a 19.5% increase in net profit to RM233.07 million for 3Q ending September 30, 2024, driven by higher container revenue.

Quarterly revenue rose 8% to RM572.57 million. The company did not declare any dividend for the period.

For the nine-month period (9M24), net profit rose 11.85% to RM641.33 million, while revenue increased to RM1.67 billion, driven by handling 8.11 million TEUs of container volume, with intra-Asia regional trade contributing significantly.

The conventional segment also saw growth, handling 9.02 million metric tonnes of bulk cargo.

Westports’ borrowings increased to RM1.08 billion due to a RM355 million drawdown for the acquisition of Marina Land, part of its 2 Container Terminal Expansion.

As part of the expansion, Westports will transfer two land parcels valued over RM600 million to the Port Klang Authority.

In a key milestone, Westports was recognized by the Malaysia Book of Records for having the longest linear berth at 6,585 meters.

The Westports 2 Container Terminal Expansion is underway, with capacity expected to nearly double from 14 million TEUs to 28 million TEUs, supporting its goal to maintain Port Klang as a major global transshipment hub. — TMR