Bintulu Port 4Q net profit up 30%, declares three sen dividend
KUALA LUMPUR (Feb 29): Bintulu Port Holdings Bhd (6.35 )s, which operates East Malaysia's largest container port, reported on Thursday a 30% increase in its fourth-quarter net profit from a year earlier thanks largely to higher revenue from cargo handling.
Net profit for the quarter ended Dec 31, 2023 (4QFY2023) rose toRM46.34million or 10.07 sen per share, fromRM35.71million or 7.76 sen per share a year earlier, an exchange filing showed. Revenue for the quarter increased by 8% year-on-year toRM217.47million, fromRM201.39million in 4QFY2022.
On its outlook, Bintulu Port said the handling of cargo and vessel calls from liquefied natural gas will remain the main revenue contributor for the group in FY2024, adding that it will also continue to exercise prudent and disciplined operational and financial management in its core activities.
Revenue recorded from its port’s services stood atRM160.97million in 4QFY2023, compared toRM148.70million in 4QFY2022, on higher revenue from handling of LNG cargo and container cargo.
Likewise, revenue generated from the operation at the Samalaju Industrial Port in 4QFY2023 was also higher atRM40.53million, againstRM38.61million in the corresponding year quarter.
Bintulu Port declared a fourth interim dividend of three sen per share, payable on March 22, bringing the total dividend declared year to date to 12 sen.
For the full year, Bintulu Port recorded 2% lower net profit atRM125.06million or 27.19 sen per share, fromRM127.72million or 27.77 sen per share in FY2022. Full-year revenue declined 3% toRM770.06million fromRM793.09million in the preceding year.
Expenses in FY2023 was higher atRM662.74million compared toRM641.78million of the preceding year period mainly due to provision for maintenance dredging and service contract. Amortisation meanwhile rose due to recognition of lease concession for the interim period of two years.
Bintulu Port’s shares gained five sen or 0.9% toRM5.70at midday trading break on Thursday, translating into a market capitalisation ofRM2.62billion.
Edited ByJason Ng