Petaling Jaya, 2 May 2024
Westports Holdings Berhad (“Westports” or the “Company”) has announced its financial results for the 1st Quarter of 2024. The Company achieved a total revenue of RM543 million as Westports handled a higher container volume by 5% of 2.67 million TEUs. In the conventional segment, the Company handled bulk cargoes amounting to 2.76 million metric tonnes. The intra-Asia regional trade underpinned Westports’ container volume growth as this trade lane accounted for 68% of the container handled. Meanwhile, the operational workforce is the most significant cost component. Westports has an overall headcount of just under 5,600 persons as the port operates round the clock throughout the year. At the bottom line, the Company reported a Profit After Tax of RM205 million for the 1st Quarter of 2024.
Datuk Ruben Emir Gnanalingam bin Abdullah, the Executive Chairman and Group Managing Director of Westports, shared, “The Red Sea developments have a marked influence on container shipping. Our Asia-Europe trade lane experienced lower volume due to the initial adjustments as liners opted for the longer route around the Cape of Good Hope. During the first quarter, the terminal had some peaks and troughs in its utilisation because of disruption to shipping schedules and subsequent vessel bunching. However, the adverse effects should taper off once services have been regularised. Looking ahead, Westports will celebrate its 30th anniversary this year even as we embark on our Westports 2 container terminal expansion programme. The Company has arranged an RM5.0 billion Sukuk Wakalah Medium Term Note Programme to facilitate the funding requirements. Westports is committed to maintaining Port Klang as one of the region’s biggest and most competitive mega-transhipment hubs and being the premier gateway port to Malaysia, with sustainability at the forefront even as we evaluate and determine the most optimal way to build the new facilities as we remain guided by our triple bottom line framework; i.e. better people, better planet, and better profit.”
