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The shipping industry faced a very challenging operating environment in 2012 as the world economy continued to reel from the recession as well as the financial and debt crisis hitting major economies. Bintulu Port Sdn. Bhd. (BPSB) was not sheltered from these effects. Measures have been put in place to combat any anticipated adverse effect that may impact on our operations which include cost effective management, productivity enhancement and a more aggressive marketing of our services across the board.
We are in the process of a very fundamental transformation. As we evolve into the next major phase of our port operations – weaning away from over dependence on the handling of LNG products to reposition ourselves as a complete port, capable of handling all cargo types. This move is timely as we are now in a more effective position to efficiently service the anticipated increase in cargo which will be generated by industries within the Sarawak Corridor of Renewable Energy (SCORE).
With the global economy registering a relatively weaker performance, the ripple effect impacted our performance for the year under review.
Total cargo throughput handled by BPSB in 2012 was 41.16 million tonnes, 1.3% below the 41.70 million tonnes handled in 2011. Unlike in previous years, LNG volumes declined by 5.5% primarily attributable for the drop in total cargo throughput. However, it is heartening to note that the non-LNG sector registered a healthy growth of 4.9% totalling 17.63 million tonnes and now accounting for 42.80% of the total cargo throughput. Containers handled grew 7.2% from 215,451 TEUs in 2011 to 231,053 TEUs in 2012.
Biport Bulkers Sdn. Bhd. (BBSB) handled 2.93 million tonnes of palm oil which was 0.40 million tonnes or 15.9% higher than the previous year.
Vessel calls declined from 7,606 calls in 2011 to 7,581 calls in 2012.
The Group’s total Operating Revenue for the year under review was RM514.97 million which is 5.1% or RM24.84 million above revenues attained in 2011. Port services in 2012 contributed RM470.79 million as compared to RM454.73 million achieved in the previous year. BBSB registered an Operating Revenue of RM35.42 million which is 21.2% or RM6.2 million above the revenue achieved in 2011.
The Profit Before Taxation for the year 2012 is RM178.57 million which is RM3.0 million or 1.7% marginally below the RM181.58 million of 2011.
Profit After Taxation is RM146.39 million sustained a setback in 2012 of 14.3% as against RM170.71 million achieved in 2011, due to the lower tax credit in the form of Approved Service Projects accrued to the Group in 2012.
BPSB is an international Ship and Ports Facility Security (ISPS) compliant port. Safety aspects are therefore held paramount at all levels of our port operations. Adherence to the security and safety policies in place are stringently monitored for all staff, port users, clients and customers. The Management regularly reviews Standard Operating Procedures, documentation systems and Emergency Response Plan to enhance the safety standard. To ascertain the level of compliance, a safety audit on port facilities and infrastructures, vessels and operational practices is carried out regularly.
The economic environment is expected to remain challenging in 2013. This is expected to affect Malaysia, particularly in terms of exports, but resilient domestic demand, and the continued expansion of private sector activity, will mitigate the impact. As we move boldly but cautiously forward into another challenging year, the Management remains committed to delivering profitable and sustainable growth. We will continue to optimise cost efficiencies and capacity utilisation at all our wharves and jetties as well as leverage on continuous improvement initiatives to deliver robust operational performance.
The Port’s policy of a determined diversification in cargo categories handled to reduce our dependence on the LNG sector, has already borne fruit.
This is evident in the performance figure returned in 2012 and bodes well for the future. Potential growth is seen in the handling of palm oil products, dry bulk cargoes and containerised cargoes as well as the provision of offshore services.
Established as a wholly owned subsidiary, Samalaju Industrial Port Sdn. Bhd. (SIPSB), will manage and operate a port in Samalaju Industrial Park which will also encompasses a green field of about 8,000 hectares. As at 31st December 2012, the Interim Phase of Phase 1 of the construction of the port has been initiated. The scope of work involves capital dredging and land reclamation work and the construction of 2 barge berths. The Interim Phase is scheduled to be operational by August 2013. The entire project, due for completion by the second quarter of 2016, will realize for the port an additional cargo handling capacity of 18.0 million tonnes per annum.
On behalf of the Management, I wish to express my utmost gratitude to our staff for their unyielding loyalty, hard work and commitment to excellence. The successes of 2012 came on the back of their relentless focus and efforts. I will continue to invest in them and inculcating a strong performance culture.
My heartfelt appreciation also goes to all our shareholders and stakeholders, business associates and Government Authorities, both State and Federal for their support. We look forward to your continuing partnership to propel the Group forward in the future.
For the steadfast confidence and trust in me heading the Company, I express my grateful thanks to the Board of Directors for their invaluable advice and guidance during 2012. I look forward to pursuing new heights of excellence and creating strong shareholder value as we stride confidently forward into 2013.
DATO MIOR AHMAD BAITI BIN MIOR LUB AHMAD
Chief Executive Officer
Bintulu Port Holdings Bhd