KUALA LUMPUR: Westports Holdings Bhd has posted a higher net profit of RM233.07 million in the third quarter ended Sept 30, 2024 (3Q 2024), compared to RM195.0 million in the same quarter a year ago.
Revenue for the quarter rose to RM572.57 million versus RM542.31 million previously.
For the nine months, Westports’ net profit increased to RM641.33 million, up from RM573.35 million in the same period last year, while revenue climbed to RM1.67 billion from RM1.60 billion, a growth driven by a higher container volume of 8.11 million Twenty-Foot Equivalent Units (TEUs).
“Intra-Asia regional trade supported Westports’ container volume growth as this trade lane accounted for 66 per cent of the container handled,” the company said in a statement.
In the conventional segment, Westport handled 9.02 million tonnes of bulk cargo, supporting domestic economic activities. This throughput included project cargoes, steel products, soybeans, maise, clinker/slag, and fertiliser.
The company shared that its total borrowings rose to RM1.08 billion, following a recent RM355 million drawdown by its wholly-owned subsidiary to facilitate the purchase of Marina Land to support the Company’s Westports 2 Container Terminal Expansion.
As part of the expansion plan, two parcels of land with costs exceeding RM600 million will be transferred to the Port Klang Authority at no cost, in line with the concession agreement with the government.
Executive chairman and group managing director Datuk Ruben Emir Gnanalingam Abdullah highlighted a key milestone achieved in the third quarter of 2024.
“The Malaysia Book of Records certified Westports for having the longest linear berth, with a total length of 6,585 metres.
“The Westports 2 Container Terminal Expansion extending from CT10 to CT17, has commenced and will see Westports 2 nearly double the current handling yard capacity from 14 million TEUs to 28 million TEUs,” he added.