Higher costs weigh on Bintulu Port Q2 despite revenue growth
The group has declared a second interim single tier dividend of three sen per share payable on Oct 8.
KUCHING (August 23): Bintulu Port Holdings Bhd’s profit before tax (PBT) for the second quarter of 2026 fell to RM40.27 million from RM45.73 million in the preceding quarter.
The port operator in a bourse filing on Friday said the decline came even as operating revenue for the quarter rose 10.65 per cent year-on-year to RM215.56 million from RM194.82 million.
Against the immediate preceding quarter, operating revenue was 1.33 per cent lower, easing from RM218.47 million in the first quarter.
The group attributed the sequential softness mainly to Samalaju Industrial Port, where revenue slipped RM2.85 million on lower cargo handled for alumina, coke and manganese ore.
Expenditure over the same three months rose RM6.24 million to RM187.05 million from RM180.81 million, on higher fuel costs and repair and maintenance work.
On a year-on-year basis, net profit for the quarter stood at RM29.66 million against RM34.74 million previously, with earnings per share declining to 6.45 sen from 7.55 sen.
Meanwhile, revenue from port services at Bintulu Port rose 18.9 per cent to RM162.66 million from RM136.78 million, driven by higher handling of LNG cargoes and vessel calls.
The group noted that LNG handling in the corresponding quarter last year had been affected by a planned major maintenance shutdown.
Samalaju Industrial Port posted revenue of RM41.69 million, down 12.7 per cent from RM47.76 million on fewer project cargoes, while Biport Bulkers Sdn Bhd recorded a 9.1 per cent increase to RM11.21 million on higher spot term throughput.
Operating expenditure for the quarter climbed 12.1 per cent to RM187.05 million, which the group linked to repair and maintenance of port facilities and equipment, and higher fuel prices.
Manpower costs also rose following the 2026 salary increment, payment of salary arrears for 2025 to non-executive staff, and revisions to housing and fuel allowances under the collective agreement.
For the six months ended June 30, operating revenue was RM434.03 million, up 9.46 per cent from RM396.53 million, while profit before taxation eased 0.71 per cent to RM86 million.
Net profit for the half stood at RM60.17 million against RM63.12 million a year earlier, translating into earnings per share of 13.08 sen.
The group has declared a second interim single tier dividend of three sen per share payable on Oct 8, with entitlement fixed at the close of business on Sept 24, bringing total dividends declared for the year to six sen per share.
Looking ahead, the group said the handling of LNG cargoes and vessel calls will remain its key revenue contributor supported by the handling of other liquid bulk cargoes at Bintulu Port and cargoes at Samalaju Port.
It said it remains positive on its business outlook and “expects positive growth in cargo throughput in 2026.