KUALA LUMPUR (Nov 8): Westports Holdings Bhd’s (KL:WPRTS) net profit for the third quarter ended Sept 30, 2024 (3QFY2024) rose 19.5% to RM233.1 million, up from RM195 million a year earlier, driven by a rise in container volumes.

Revenue for the quarter improved 5.6% to RM572.57 million, compared with RM542.31 million in the same period last year.

According to its bourse filing, the port operator said intra-Asia trade remained the primary contributor, accounting for 66% of Westports' total container throughput.

“The intra-Asia regional trade underpinned Westports’ container volume growth as this trade lane accounted for 66% of the container handled,” it said.

Earnings per share for 3QFY2024 increased to 6.83 sen compared with 5.72 sen in the same quarter last year.

However, the port operator did not declare any dividend for the quarter as it is focusing on reinvesting in expansion projects.

For the nine-month period of FY2024, Westports' net profit rose by 11.9% to RM641.33 million, up from RM573.35 million in the previous corresponding period.

The group's revenue increased by 4.4% to RM1.67 billion from RM1.6 billion a year ago, supported by handling a total container volume of 8.11 million twenty-foot equivalent units (TEUs).

Meanwhile, Westports is pressing ahead with its expansion plans, including the Westports 2 Container Terminal Expansion from CT10 to CT17.

This project, with a projected total cost of RM12.6 billion, aims to nearly double the port’s container handling capacity from 14 million to 28 million TEUs upon completion.

“To mark our anniversary celebration and continued dedication towards community investment, we will increase our CSR commitment and programmes by allocating a minimum of RM1.0 million annually for Pulau Indah and its surrounding areas,” said Westports’ executive chairman and managing director, Datuk Ruben Gnanalingam Abdullah.

At time of writing, Westports’ share price was up six sen or 1.41% at RM4.32, valuing the group at RM14.73 billion.