Bintulu Port 3Q net profit rises to RM32.49mil

KUALA LUMPUR: Bintulu Port Holdings Bhd’s net profit for the third quarter (3Q) ended Sept 30, 2023, increased to RM32.49 million from RM28.66 million in the same period last year.

Revenue for the quarter under review fell to RM186.53 million as compared to RM198.13 million previously, due to lower revenue from handling of liquefied natural gas (LNG) cargo and marine services, it said in a Bursa Malaysia filing today.

For the cumulative nine months of 2023 (9M 2023), its net profit eased to RM78.72 million from RM92.01 million previously.

Revenue in 9M 2023 declined to RM550.74 million from RM590.40 million in the same period last year as revenue generated from the port’s services at Bintulu Port dipped to RM414.51 million against RM433.64 last year.

Bintulu Port said revenue from the operation in Brunei in 2023 is derived from pilotage services only whilst in 2022, revenue was from towage and pilotage services.

On current year’s prospects, the port operator said the group’s performance is affected by the moderate global growth in 2023 particularly the weaker growth in China.

"Despite that, the group expects to remain positive and resilient in its performance for the remaining period of the year.

"The handling of LNG cargo, containerised cargo and base support services are expected to contribute positively to the group’s revenue,” it said.

The company has recommended a third interim single-tier dividend of 3.00 sen per share amounting to RM13.80 million in respect of the financial year ending Dec 31, 2023, payable on Dec 28, 2023. - Bernama