For its fourth quarter ended Dec 31 (Q4 FY2022), the port operator’s net profit rose 5.46% to RM235.04 million from RM222.88 million a year ago due to investment tax allowance.

Revenue for the year however was slightly higher at RM2.07 billion versus RM2.02 billion previously, while Q4 revenue rose 3.42% to RM521.14 million from RM503.9 million a year earlier.

The group declared a dividend of 7.46 sen per share totalling RM254.39 million to be paid on Feb 17. It paid its first interim dividend amounting to RM236 million in August 2022, the company said in its filing with Bursa Malaysia today.

The company said the domestic economy showed relatively better resilience as export-oriented sectors benefitted from increased competitiveness with a weaker local currency.

“Specific sectors have benefitted from regionalisation and foreign direct investments as the latter capitalised on the nation’s competitive advantage,” it added.

The container segment contributed 86% to total revenue with a throughput volume of 10.05 million twenty-foot equivalent units (TEUs). The gateway volume increased by 9% to 3.97 million TEUs, with notable growth during the third and fourth quarters of 2022.

“The year under review witnessed multiple headwinds, some of which showed signs of moderation as the year ended while others possibly contributing towards longer-term structural shifts,” it said.

Westports managing director Ruben Emir Gnanalingam Abdullah said, “We have observed some tumultuous challenges in certain countries. We are thankful to the government’s and people’s support so that our nation has emerged relatively less adversely affected by challenging external conditions.”

He said the company planned to undertake and build the mega Container Terminal from CT10 onwards after reaching a new concession agreement with the government.

“This is Westports’ financial commitment to improving the competitiveness of Port Klang in Southeast Asia and also as a transhipment hub,” he added.