In the same period, net profits were registered at RM314 million, albeit a 19% decline attributed to a one-year prosperity tax in 2022.

The company’s container segment handled a throughput volume of 4.88 million TEUs as Westports accommodated a total of 3,820 vessels.

In a statement, Westports said the period under review witnessed tumultuous global macroeconomic conditions, including the surge in global energy prices, widespread escalating inflationary pressures, interest rate increase, slipping economic momentum, and a military conflict in Ukraine.

These challenges were compounded by the unresolved supply chain constraints and pandemic-induced port closures at various points in time in the Far East.

The challenges contributed to a reduction in the transhipment containers handled to 2.97 million TEUs.

“However, the local economy demonstrated better resilience, with overall gateway volume remaining near-identical at 1.91 million TEUs. In the conventional segment, the company moved 5.46 million metric tonnes of cargo,” it said in the statement.

Westports achieved a profit before tax of RM469 million for the first six months of 2022. The lower interim profit reflected the absence of the non-recurrent insurance recoveries and the surge in fuel cost by 84%, as Westports purchases diesel at an unsubsidised price.

Based on the period under review’s interim profits and payout ratio of 75%, Westports announced its first interim ordinary dividend of 6.91 sen, which amounted to RM236 million.

Its group managing director, Ruben Emir Gnanalingam Abdullah pointed out that weakening economic momentums, volatile financial markets and challenging supply chain timeliness, is likely to affect the container throughput.