KUALA LUMPUR (Feb 24): Bintulu Port Holdings Bhd (KL:BIPORT), which operates East Malaysia's largest container port, saw its fourth-quarter net profit fall 11.77% to RM40.88 million from RM46.34 million a year earlier, despite recording its highest-ever quarterly revenue since its listing in 2001.

Earnings per share for the quarter ended Dec 31, 2024 (4QFY2024) dropped to 8.89 sen, from 10.07 seen previously, according to the group in a bourse filing on Monday.

The lower earnings were due in part to higher staff costs, which increased 34.78% year-on-year to RM39.48 million from RM29.29 million.

Administration expenses, meanwhile, rose 14.19% to RM15.83 million from RM13.86 million, while depreciation expenses increased 14.53% to RM13.67 million from RM11.94 million.  

Elsewhere, the group's other income dropped 46.92% to RM2.89 million from RM5.44 million previously.

Quarterly revenue grew 2.38% to RM219.96 million from RM214.84 million in 4QFY2023, driven by higher port services revenue at Bintulu Port from the increased cargo handling for liquefied natural gas (LNG) and bulk fertiliser.

Bintulu Port declared a fourth interim dividend of five sen per share, higher than three sen per share a year earlier. The dividend will be paid on April 16, with an ex-date of March 25. This brings total dividends for FY2024 to 15 sen per share, compared with 12 sen for FY2023.

The group's full-year net profit rose 22.73% to RM153.48 million, versus RM125.06 million in FY2023. This was on the back of a record revenue of RM828.30 million, an 8.19% increase from RM765.58 million previously.

Moving forward, Bintulu Port expects LNG cargo and vessel calls to remain as its main revenue contributors, with new methanol handling activities, which began in December 2024, to contribute to growth in 2025.

The group will focus on operational efficiency and cost-competitiveness to address any adverse risk arising from US-China trade tensions that may lead to supply chain restructuring and cargo flow rerouting, it added.

Bintulu Port shares ended unchanged at RM6 on Monday, giving the group a market capitalisation of RM2.76 billion.

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