Westports Holdings Berhad announced its financial results for the 1st Quarter of 2023 reporting a total revenue achievement of RM513 million, and the container segment contributed 86% to total revenue by handling a throughput volume of 2.55 million TEUs.
Cost factors, like manpower and an increase in electricity cost were factors that contributed to a lower Profit Before Tax of RM237 million for the 1st Quarter of 2023 compared to RM248 million in the preceding year the group said. Datuk Ruben Emir Gnanalingam bin Abdullah, the Group Managing Director commented “Despite inflationary pressures and slowing economic momentum in many economies, Westports handled more transhipment and gateway containers – the latter amounted to 1.03 million TEUs, and it was the 2nd highest ever on a quarterly basis. The domestic economy exhibited resilience as export-oriented sectors benefited from increased competitiveness while certain segments have benefited from regionalisation and Foreign Direct Investments”.
The one-year prosperity tax in 2022 provided a lower base in the previous corresponding period, and as such, Westports is able to report an improved Profit After Tax of RM184 million compared to RM151 million recorded in 2022.
Westports took delivery of the country’s first Kalmar Eco Reachstacker last year and has commissioned six new electric-powered Super Post-Panamax Quay Cranes into service in the last few months – the latter replaced ageing and less efficient units. Westports is also evaluating the operational suitability and commercial feasibility of using electric terminal operating equipment at the port”.
Datuk Ruben concluded, “The proposed Westports container terminal expansion from CT10 to CT17 is being designed to incorporate the imperative of supporting the Company’s net-zero carbon emissions aspirations by 2050 and also fulfilling the potential climate change adaptation requirements. The proposed new terminals reflect Westports’ financial and strategic commitment toward maintaining Port Klang’s overall competitiveness in South East Asia as a transhipment hub”.
