KUALA LUMPUR: Westports Holdings Bhd
has entered its next growth phase as it hit several new milestones in financial year 2024 (FY24) on the back of a surge in container volumes.
For the 12-month period, the port operator posted an all-time-high net profit of RM897.98mil on the back of record revenue of RM2.34bil. Comparatively, the company recorded a net profit of RM779.43mil and revenue of RM2.15bil in FY23.
The company’s basic earnings per share rose to 26.33 sen over the year from 22.86 sen in the previous year. In FY24, the port handled a new record container volume of 10.98 million twenty-foot equivalent units (TEUs). The import-export container volume handled, which supported local economic growth and activities, also reached a new record of 4.91 million TEUs. For the conventional segment, Westports also handled and facilitated a new record throughput of 12.19 million tonnes of bulk cargo.
The 2024 performance was capped in the final quarter of financial year 2024 (4Q24) with a net profit of RM256.65mil, which compares to RM206.08mil in the year-ago quarter. Revenue rose to RM675.43mil from RM554.06mil in the comparative quarter.
Westports declared a second interim dividend of 10.86 sen, which brings its 2024 payout to 19.75 sen. On the back of the record profit, the annual dividend sum of RM673.48mil represents an all-time-high payout for Westports.
Executive chairman and group managing director Datuk Ruben Gnanalingam said 2024 was a momentous year for the company as it embarked on the WP2 container terminal expansion after the groundbreaking ceremony by the Prime Minister.
“Westports has also committed to investing in and maintaining Port Klang as Malaysia’s premier gateway shipping port and one of the region’s biggest and most competitive mega-transhipment hubs.
“The largest shareholder of Westports has indicated its support for the proposed dividend reinvestment plan and participation in the equity raising exercise will reflect the shareholder’s commitment while also reinforcing the company’s total equity position to facilitate the retention of the most favourable credit rating,” he said.
