Westport Profits Up 23% To RM808 Million

Westports Holdings Berhad in its financial report for the 4th Quarter and the twelve-month ended 2021 is healthy with the port handler registering revenue of RM2 billion with container segment contributing 88% to the operational revenue with a throughput volume of 10.40 million TEUs.

The group also included a one-off insurance recovery amounting to RM73 million and a share of losses with its 50% investment in Port Klang Cruise Terminal Sdn Bhd, formerly known as Boustead Cruise Centre Sdn Bhd. At the bottom line, after making a tax provision of RM231 million, the Company reported a Profit After Tax of RM808 million. If the one-off recoveries for the damaged Quay Cranes and wharf incident two years ago were excluded, the estimated Profit After Tax should only be approximately RM751 million in 2021. The improvement in the bottom line between 2020 and 2021 is halved to RM82 million only instead of RM154 million.

Group MD Datuk Ruben Gnanalingam highlighted that “Given the external economic conditions and supply chain challenges, the Company achieved a good level of profitability. However, one-off insurance recoveries in 2021 amplified the bottom line because we made the corresponding write-offs for the two-year-old incident.

Ruben added that the December 2021 heavy rainfall caused severe flooding in certain areas within the Klang Valley, but there was no flooding within the terminal. All terminal operating equipment and essential facilities were unaffected. However, will remain vigilant and ensure that the terminal’s operations remain unaffected by the growing risk of unusual weather events brought on by climate change.

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