Bintulu Port hits five-year high of RM5.90
3 January 2024
KUALA LUMPUR (Jan 3): Bintulu Port Holdings Bhd jumped nearly 13% to a five-year high of RM5.90 on Wednesday, becoming the third top gainer on Bursa Malaysia, behind Nestle (Malaysia) Bhd and Dutch Lady Milk Industries Bhd.
At 5pm, the counter closed up 66 sen or 12.6%, with over 43,500 shares traded. Its current price gives the counter a market capitalisation of RM2.71 billion.
The reason for its price surge was not immediately clear.
But the Sarawak Legislative Assembly was told in November 2023 that the takeover process of Bintulu Port by the Sarawak state government from the federal government is targeted to be completed by July 2024.
Deputy Minister for Infrastructure and Port Development Datuk Majang Renggi said the state government was in the process of preparing the required legal provisions and other necessary arrangements to assume control of the port.
For the nine-month period ended Sept 30, 2023 (9MFY2023), Bintulu Port’s net profit declined 14.44% to RM78.72 million, from RM92.01 million a year ago. Revenue was lower by 6.71% to RM550.74 million, from RM590.39 million in that same period.
The group declared a third interim dividend of three sen per share, paid on Dec 28, to take the total dividend declared year-to-date to 11 sen.
Source: The Edge Malaysia