KUALA LUMPUR (Feb 27): Bintulu Port Holdings Bhd, which reported a 3% gain in net profit in its fourth quarter of the financial year 2016, has named Datuk Mohammad Medan Abdullah as new chief executive officer (CEO) to succeed outgoing Datuk Mior Ahmad Baiti Mior Lub Ahmad.

The transition will take effect on March 1. Mohammad Medan's appointment was made via a letter from the Minister of Finance Inc dated Feb 14.

According to Bintulu Port, Mohammad Medan has over 30 years of experience in the oil and gas industry, and has held various positions in different corporations, including managing director of Gazprom Marketing and Trading Singapore Pte Ltd, managing director and CEO of Malaysia LNG Group of companies, general counsel of Petroliam Nasional Bhd (Petronas) upstream business sector, executive assistant to the president and CEO of Petronas, senior general manager of Group Supply Chain Management Petronas and chairman and director of several Petronas companies.

Currently he is also an independent non-executive director of Handal Resources Bhd, which is also a Bursa Malaysia listed company.

Separately, Bintulu Port said net profit in its final quarter of FY16 ended Dec 31 (4QFY16) rose to RM43.16 million from RM42.04 million in the corresponding quarter a year ago, as revenue climbed 10% to RM166.11 million from RM151.03 million.

The note filed with Bursa said the better revenue was mainly from LNG, alumina, general cargo and ferro-alloy cargoes. Revenue from construction services for concession infrastructure, however, fell to RM152.41 million from RM174.37 million.

"The corresponding costs of construction for concession were also recognised for the quarters under review. These relate mainly to the port's development project at Samalaju Industrial Port," it added.

The directors recommended a final single tier dividend of 6 sen per share, which amounted to RM27.6 million, subject to the approval of shareholders. The dividend, to go ex on May 9, is payable on May 23.

For the full FY16, Bintulu Port's net profit grew 17.5% to RM149.84 million from RM127.57 million in FY15, mainly on improved contributions from LNG, alumina, ferro-alloy cargoes, and base support services.

Cumulative revenue was up 7% at RM583.62 million compared with RM547.36 million previously.

For FY17, the note said cargoes expected to contribute positively towards the revenue include container, alumina, ferro-alloy cargoes, palm oil and bulk fertiliser. The handling of LNG vessels calls and cargoes will still be Bintulu Port's main revenue contributor.

At 3.28pm, Bintulu Port rose 5 sen or 0.81% to RM6.20, giving it a market capitalisation of RM2.85 billion.