In July, the former group managing director was appointed executive chairman, taking over the reins of the port operator from his father and group founder G Gnanalingam, who had just passed away.
Ruben, who has held the position of group managing director since January 2018, has increasingly taken more of the limelight at Westports even as his father started stepping out of it in recent years. Gnanalingam established Westports in 1993.
Meanwhile, group revenue for the third quarter notched up 4.2% to RM542.3 million from RM520.5 million a year earlier. The higher revenue was attributed to an increase in container revenue, a decrease in cost of sales, and reduced administrative expenses, as key contributors to the boosted net profit.
For the financial year-to-date (9M FY2023), the group registered a net profit of RM573.4 million against RM464.5 million a year ago, it said in a bourse filing today.
This growth was supported by a revenue of RM1.6 billion, up 3.23% from RM1.55 billion recorded in the corresponding period.
Earnings per share for the quarter was 5.72 sen compared to 4.41 sen previously. The group did not declare any dividend for the quarter.
On its prospects, Westports anticipates that its container throughput volume for the current year is expected to show single-digit growth compared to the previous year, despite a slightly better-than-expected volume recovery in recent quarters.
In a separate statement, Ruben said the group reintensified its stakeholders’ engagement after previous years of pandemic-restricted mode of interaction.
“Together with the transport ministry, we had productive sessions with some of our key clients abroad, while Westports also hosted more visits to the port by other terminal operators, customers and local stakeholders,” he said.
“These sessions have also, among others, facilitated the long-awaited container terminal expansion as the government has now presented the proposal to the Cabinet,” he added.
Westports’s Container Terminals 10-17 expansion aims to double its container handling capacity, heralding a significant operational leap.
A long and winding road
Ruben started his career as a trainee in Westports in 1999 before leaving to set up a start-up incubator known as The Makmal Group in 2000 until his departure in mid-2005, according to the company’s website.
He rejoined Westports as a director in 2005 and was later appointed as CEO in January 2009, a position he held until Dec 31, 2017 before being appointed as the group managing director on Jan 1, 2018.
In a recent interview, he emphasised his management style remains consistent with that of his late father.
Ruben said he shares similarities but diverges in decision-making, relying more on data than instinct or “gut feeling” like his father, reflecting his upbringing in the digital era.
He acknowledged that he learned extensively from his father about the port industry, and they had been experimenting with different styles of management.
At the close of trade, Westports’s share price rose four sen or 1.2% to RM3.38, valuing the group at RM11.53 billion.