KUALA LUMPUR (Feb 29): Bintulu Port Holdings Bhd, which operates East Malaysia's largest container port, reported on Thursday a 30% increase in its fourth-quarter net profit from a year earlier thanks largely to higher revenue from cargo handling.
Net profit for the quarter ended Dec 31, 2023 (4QFY2023) rose to RM46.34 million or 10.07 sen per share, from RM35.71 million or 7.76 sen per share a year earlier, an exchange filing showed. Revenue for the quarter increased by 8% year-on-year to RM217.47 million, from RM201.39 million in 4QFY2022.
On its outlook, Bintulu Port said the handling of cargo and vessel calls from liquefied natural gas will remain the main revenue contributor for the group in FY2024, adding that it will also continue to exercise prudent and disciplined operational and financial management in its core activities.
Revenue recorded from its port’s services stood at RM160.97 million in 4QFY2023, compared to RM148.70 million in 4QFY2022, on higher revenue from handling of LNG cargo and container cargo.
Likewise, revenue generated from the operation at the Samalaju Industrial Port in 4QFY2023 was also higher at RM40.53 million, against RM38.61 million in the corresponding year quarter.
Bintulu Port declared a fourth interim dividend of three sen per share, payable on March 22, bringing the total dividend declared year to date to 12 sen.
For the full year, Bintulu Port recorded 2% lower net profit at RM125.06 million or 27.19 sen per share, from RM127.72 million or 27.77 sen per share in FY2022. Full-year revenue declined 3% to RM770.06 million from RM793.09 million in the preceding year.
Expenses in FY2023 was higher at RM662.74 million compared to RM641.78 million of the preceding year period mainly due to provision for maintenance dredging and service contract. Amortisation meanwhile rose due to recognition of lease concession for the interim period of two years.
Bintulu Port’s shares gained five sen or 0.9% to RM5.70 at midday trading break on Thursday, translating into a market capitalisation of RM2.62 billion.