Westports Posts Higher Net Profit Of RM897.98 Mln In FY2024

KUALA LUMPUR, Jan 23 (Bernama) -- Westports Holdings Bhd's net profit rose to RM897.98 million for the financial year ended Dec 31, 2024 (FY2024) from RM779.43 million in the preceding year. 

Revenue improved to RM2.34 billion from RM2.15 billion previously. 

In a filing with Bursa Malaysia today, Westports said it has achieved its highest-ever total revenue of RM2.34 billion, driven by a record-breaking container volume of 10.98 million twenty-foot equivalent units (TEUs).

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"The year ended with the company handling another new monthly record of 1.01 million TEUs in December 2024," it said.

It also noted that with an all-time record net profit achievement of RM897.98 million, the total dividend to be distributed to shareholders for FY2024 will also amount to a new record of RM673.48 million.

Westports said the board of directors has approved a second interim single-tier dividend of 10.86 sen per share for FY2024, totalling RM370.33 million, to be paid on Feb 21, 2025. 

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For the fourth quarter of FY2024, the company posted a higher net profit of RM256.65 million against RM206.08 million in the same period in FY2023, driven by the increase in container revenue and higher gross profit.  

Revenue also improved to RM675.43 million from RM554.06 million previously. 

On outlook, Westports said the group anticipates a low single-digit container volume growth for the next financial period. 

"While tensions in the Middle East remain high, the new United States administration is shifting towards a more localised focus, and growth in many developed countries is still slow," it said.

Hence, it noted that Intra-Asia trade remains the group's primary volume driver as it continues to serve as Malaysia's largest gateway port.

-- BERNAMA