KUCHING: Bintulu Port Holdings Bhd (BPHB) has posted a sharp increase in its group net profit to RM112.6 million in the first nine months of 2024 (9m2024) from RM78.72 million in 9m2023, boosted by the improved performance of both Bintulu Port and Samalaju Industrial Port operations.
The higher earnings were in line with revenue growth to RM608.34 million from RM550.74 million year-on-year.
Earnings per share increased to 24.48 sen from 17.11 sen. BPHB has declared a total of 10sen per share dividend in 9m2024, up 1 sen from 9 sen in 9m2023.
“The group’s operating revenue of RM608.34 million for the nine months ended 30 September 2024 is higher by RM57.6 million (10.46%) compared to nine months of preceding year.
“Revenue generated from port’s services at Bintulu Port is RM454.7 million as against RM414.51 million during the nine months of preceding year mainly from handling of cargo for LNG (liquefied natural gas) and supply base activities. Samalaju Industrial Port generated RM121.35 million of revenue compared to RM104.22 million of revenue generated during the nine months of preceding year from handling of cargo manganese and quartz.
“The revenue from bulking facilities is RM32.29 million as against RM32.01 million during the period under review.
“Revenue from construction services for concession infrastructure of RM0.42 million was recognised against RM1.85 million in the nine months of preceding year. The corresponding cost of construction for concession were also recognised,” BPHB said in notes accompanying its financial results.
On expenditure in 9m2024, BPHB said it rose to RM504.61 million from RM487.03 million in 9m2023, or up by RM17.58 million mainly due to the higher expenditure incurred on service contracts in tandem with revenue from supply base activities, and repair and maintenance.
In 3Q2024, BPHB recorded lower group net profit of RM28.05 million (3Q2023: RM32.43 million) despite an increase in revenue to RM202.8 million from RM186.53 million registered previously.
“The group’s operating revenue of RM202.77 million for the current quarter is higher by RM16.24 million (8.71%) compared to RM186.53 million achieved in the corresponding quarter in 2023.
“The revenue recorded from port’s services at Bintulu Port is RM144.99 million in 3Q2024 compared to RM137.43 million achieved in 3Q2023 due to higher revenue from handling of LNG cargo, and supply base activities. The revenue generated from the operation of Samalaju Industrial Port during the quarter under review is RM41.06 million against RM37.24 million in the corresponding year quarter. The revenue from bulking facilities is RM11.72 million as against RM11.86 million in 3Q2023,” said BPHB.
In the current quarter, there was no revenue recognised from construction services for concession infrastructure against RM0.46 million in 3Q2023.
On current financial year’s prospects, BPHB said: “Malaysia’s economic growth in 2024 is expected to improve as a result of favourable domestic demand and lift from external trade. However, it is still subject to risks from external development and domestic factors.
“While global economic uncertainties exist, the group remains cautious about its long-term growth prospects.
“The handling of export for LNG cargo is poised to continue as the main revenue contributor to the group, supported by positive revenue growth from our supply base activities and encouraging revenue contribution from bulking activities, palm oil, dry bulk cargo handling and Samalaju cargoes,” added the company.
