KUALA LUMPUR: Westports Holdings Bhd registered a record container volume of 10.88 million TEUs, defying expectations of a low growth rate for its container throughput.

       The port operator said empty boxes repositioning and much-improved gateway volume, arising from more industries and companies operating in Malaysia, supported the company in reaching a container volume growth rate of 8%.

       "The resilient regional economic activities and intra-Asia trade also underpinned Westports’ operations, as the latter now constituted 65% of the container boxes handled," it said in a statement.

       Over the course of the 2023 financial year, Westports said net profit was RM779.43mil as compared to RM699.58mil in the year before.

       Revenue in FY23 had risen 4% year-on-year (y-o-y) to a record RM2.15bil.

       Basic earnings per share in FY23 was 22.86 sen against 20.52 sen in the previous comparative quarter.

       In the fourth quarter alone, net profit was RM206.08mil against RM235.04mil in 4QFY22, while revenue rose to RM554.06mil from RM521.14mil in the comparative quarter.

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       The board of directors declared a second interim dividend of 8.72 sen per share, payable on Feb 29, 2024.