KUALA LUMPUR: Westports Holdings Bhd's net profit rose 19.5 per cent to RM233.07 million in the third quarter (Q3) ended September 30, 2024 from RM195.00 million a year ago, mainly due to the increase in container revenue.
Its revenue for the quarter rose eight per cent to RM572.57 million from RM542.31 million previously.
The company did not recommend any dividend for the financial period to date.
For the nine months ended September 30, 2024 (9M24) Westports' net profit increased 11.85 per cent to RM641.33 million from RM573.35 million in previous year.
Westports achieved a total revenue of RM1.67 billion from RM1.59 billion as the company handled a higher container volume of 8.11 million TEUs.
The company said the intra-Asia regional trade underpinned Westports' container volume growth as this trade lane accounted for 66 per cent of the container handled.
In the conventional segment, Westports handled bulk cargoes amounting to 9.02 million metric tonnes, which will support domestic economic activities as the greater throughput was for project cargoes, steel products, soybeans, maise, clinker/slag and fertiliser.
Executive chairman and group managing director Datuk Ruben Emir Gnanalingam Abdullah said its new Westports 2 Container Terminal Expansion from CT10 to CT17 will eventually nearly double the current 14 million TEUs handling yard capacity to 28 million TEUs.
"Westports has committed and will invest and maintain Port Klang as one of the region's biggest and most competitive mega-transhipment hubs and Malaysia's premier gateway shipping port. "Port Klang was ranked the 11th busiest container port in the world," he said. Ends