Bintulu Port’s 4Q profit falls to RM26.56 mln on higher costs

KUCHING (Feb 26): Bintulu Port Holdings Bhd posted a lower profit after tax (PAT) of RM26.56 million for the fourth quarter ended Dec 31, 2025 (4QFY25), down 35.04 per cent a year ago mainly due to higher salary-related expenses, repair and maintenance costs, and administrative expenses.

Despite the decline in earnings, the group’s performance was supported by sustained LNG throughput and stronger bulk cargo activities, it said in a statement on Wednesday.

Operating revenue for the quarter rose marginally by 0.56 per cent to RM221.19 million from RM219.96 million in the corresponding quarter last year.

The group said the improvement was largely driven by stronger contributions from Samalaju Industrial Port, where revenue increased 7.04 per cent to RM42.86 million on quarterly basis. Revenue from the Bulking Facility also rose 11.58 per cent to RM13.52 million from RM12.11 million previously.

However, revenue from Bintulu Port slipped 1.78 per cent to RM164.82 million from RM167.81 million recorded in Q4 2024 due to less vessel calls from LNG and lower volume of container handled.

On a quarter-on-quarter basis, 4QFY25 revenue climbed nine per cent, underpinned by a 10 per cent increase at Bintulu Port following improved operations at the Petronas MLNG complex.

The quarterly results met expectations of Kenanga Investment Bank Bhd (Kenanga Research), achieving 97 per cent of its full-year forecast.

For the full financial year 2025, the group recorded a PAT of RM121.89 million, translating into earnings per share of 26.50 sen. Earnings before interest, tax, depreciation and amortisation (EBITDA) remained firm at RM419.66 million.

Full-year operating revenue stood at RM822.15 million, slightly lower than RM828.30 million recorded in the preceding year. LNG remained the principal revenue contributor, while Samalaju operations, container handling and bulk cargo activities continued to provide diversification support.

Kenanga Research attributed the slight revenue decline to weaker contributions from Bintulu Port following a planned major maintenance shutdown at the MLNG complex in the first half of 2025.

It added that this was partially offset by stronger performance at Samalaju Industrial Port, driven by higher cargo volumes from key customers such as Press Metal Aluminium Holdings Bhd and OM Holdings Ltd.

The group declared a single-tier dividend of five sen per share payable on April 17, bringing total dividends for FY2025 to 15 sen per share. While the dividend per share remained unchanged year-on-year, the total payout of RM69 million represents a higher proportion of earnings.

Looking ahead, Kenanga Research expects LNG cargo throughput at Bintulu Port to remain stable, supported by sustained demand from Japan and South Korea, alongside anticipated stronger demand from China due to trade diversion.

Cargo volumes at Samalaju Industrial Port are also picking up, supported by its key customers Press Metal and OM Holdings. The research house noted that these producers have a competitive edge in international markets due to their lower carbon footprint given their hydropower input.