WESTPORTS Holdings reported a 19
WESTPORTS Holdings reported a 19.5 per cent increase in net profit to MYR233.07 million (US$53.1 million) for the third quarter ending September 30, 2024, driven by higher container revenue. Quarterly revenue rose 8 per cent to MYR572.57 million, reports The Malaysian Reserve.
For the nine-month period ending September, net profit rose 11.85 per cent to MYR641.33 million, while revenue increased to MYR1.67 billion, driven by handling 8.11 million TEU of container volume, with intra-Asia regional trade contributing significantly.
The conventional segment also saw growth, handling 9.02 million metric tonnes of bulk cargo.
Westports' borrowings increased to MYR1.08 billion due to a MYR355 million drawdown for the acquisition of Marina Land, part of its 2 Container Terminal Expansion.
As part of the expansion, Westports will transfer two land parcels valued over MYR600 million to the Port Klang Authority.
In a key milestone, Westports was recognized by the Malaysia Book of Records for having the longest linear berth at 6,585 metres.
The Westports 2 Container Terminal Expansion is underway, with capacity expected to nearly double to 28 million TEU, supporting its goal to maintain Port Klang as a major global transshipment hub.
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