Westport 9 Month Profit Hits RM585 Million Up 19%

Westports Holdings Berhad financial results for the 3rd Quarter of 2021 saw a slight dip of 2% in profits but overall 9 month profits is up 19% to RM585million.

Its total revenue stood at RM1.52 billion on the back of strong delivery from the container segment which contributed most to the revenue as throughput volume increased by 3% to 7.9 million TEUs. Westports’9-month results also included insurance recoveries and the absence of a general provision in the period under review – these one-off items amounted to RM52.3 million. At the bottom line, after making a tax provision of RM189.0 million or an effective tax rate of 24.4%,leading to a Profit After Tax of RM585.3 million.

On corporate developments, Datuk Ruben indicated that “The logistics unit of China’s biggest container shipping company will build a new 330,000 square feet warehouse within the premises of the Company. The strategically located new warehouse would enhance the liner’s service offerings and capacity in Malaysia with a greater suite of logistics solutions. The new facility will also create employment opportunities for local staff. For Westports, the warehouse is synergistic to the terminal as the said container shipping company is one of our top clients
and a member of the Ocean Alliance.”

Westports handled a higher container throughput despite current and previous corresponding periods having movement restrictions domestically and in some regional countries. When lockdown eases, economic activities rebounded.

The terminal handled transhipment and gateway container throughput of about 5.1 million and 2.8 million, respectively. Westports experienced active container yard utilisation as the global supply chain remained stretched with occasional port congestions at various terminals across the globe.

The port management giant continued to enhance its container and conventional operational capabilities investing RM248 million in the first 9-month of 2021. Westports purchased additional terminal operating equipment and progressed towards completing the new jetty for the Liquid Bulk Terminal and a new 19-acre container yard to support higher container yard space requirements.

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