Westport FY21 net profit rises to RM808.22mil

Westports group managing director Datuk Ruben Emir Gnanalingam Abdullah

KUALA LUMPUR: Westports Holdings Bhd’s net profit rose to RM808.22 million in the financial year ended ended Dec 31, 2021 (FY21), compared with RM654.49 million in FY20.

The port operator said the one-off insurance recoveries due to the damaged Quay Cranes and wharf incident two years ago -- which amounted to RM73 million -- had artificially boosted the bottom line in 2021.

"Excluding these items, the profit after tax should be about RM751 million instead. The increase in the bottom line between 2020 and 2021 is halved to RM82 million only,” it said in a statement.

Meanwhile, its revenue increased to RM2.02 billion from RM1.97 billion previously, according to its filing with Bursa Malaysia today.

"The container segment contributed 88 per cent to the operational revenue with a throughput volume of 10.40 million twenty-foot-equivalent (TEUs),” it added.

Group managing director Datuk Ruben Emir Gnanalingam Abdullah highlighted that despite the external economic conditions and supply chain challenges, the company achieved a good level of profitability.

"The December 2021 heavy rainfall caused severe flooding in certain areas within the Klang Valley, but there was no flooding within the terminal. All terminal operating equipment and essential facilities were unaffected.

"However, we will remain vigilant and ensure that the terminal’s operations remain unaffected by the growing risk of unusual weather events brought on by climate change,” he added. - Bernama

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