Bintulu Port Holdings Bhd, a leading port operator, announced robust financial results for the third quarter ended September 30, 2023, with a remarkable net profit increase to RM32.49 million from RM28.66 million in the corresponding period last year.
While the revenue for the quarter witnessed a slight dip, amounting to RM186.53 million compared to RM198.13 million in the previous year, this was attributed to reduced income from liquefied natural gas (LNG) cargo handling and marine services, as stated in a filing with Bursa Malaysia today.
In the cumulative nine months of 2023 (9M 2023), the company reported a net profit of RM78.72 million, down from RM92.01 million in the same period last year. The revenue for 9M 2023 also experienced a decline, reaching RM550.74 million compared to RM590.40 million in the previous year, primarily due to lower revenue generated from the port’s services at Bintulu Port.
Bintulu Port clarified that the revenue from its operation in Brunei for 2023 is exclusively derived from pilotage services, whereas in 2022, revenue included both towage and pilotage services.
Despite challenges posed by the moderate global growth in 2023, particularly the subdued growth in China, Bintulu Port Holdings remains optimistic about its performance for the remainder of the year.
“The handling of LNG cargo, containerized cargo, and base support services are expected to contribute positively to the group’s revenue,” the company stated.
To reward its shareholders, the company has recommended a third interim single-tier dividend of 3.00 sen per share, amounting to RM13.80 million. This dividend is in respect of the financial year ending December 31, 2023, and is payable on December 28, 2023.
In a bid to provide clarity for international stakeholders, all financial figures have been converted to USD at the USD 1 = RM 4.65. The net profit for Q3 2023 is approximately USD6.99 million, while the cumulative net profit for 9M 2023 is approximately USD16.9 million. The Q3 2023 revenue amounts to approximately USD40.13 million, and the 9M 2023 revenue is approximately USD118.5 million.
Reference: Thestar.com.my
Image credit: Thestar.com.my
