KUALA LUMPUR: Westports Holdings Bhd’s net profit for its fourth quarter ended Dec 31, 2021 jumped more than 30% to RM222.88mil from RM163.49mil in the previous corresponding period, due to higher container revenue and progressive insurance reimbursements for a vessel incident in 2019.

       In a filing with Bursa Malaysia yesterday, Westports said revenue in the fourth quarter stood at RM503.90mil compared with RM541.54mil a year earlier.

       For its financial year ended Dec 31, 2021, Westports’ net profit surged to RM808.22mil from RM654.49mil in the previous corresponding period, while revenue grew to RM2.02bil from RM1.97bil a year earlier.

       Westports said it handled a container throughput of 10.40 million twenty-foot equivalent units in 2021.

       “The year was characterised by challenging domestic economic conditions due to the cumulative effects of various movement restrictions since 2020.

       “Meanwhile, regional countries that imposed restrictions inadvertently contributed to the distressed global supply chain and port congestions.”

       In a filing with Bursa Malaysia yesterday, Westports said revenue in the fourth quarter stood at RM503.90mil compared with RM541.54mil a year earlier.

       Over the two years between 2020 and 2021, Westports said it invested more than RM100mil to increase the total ground slots at its container yard by 12% to 52,455.

       “The capacity to accommodate refrigerated containers grew by 58% to 4,132 reefer sockets,” it said.

       The company also said it enhanced its conventional operational capabilities.

       The company completed the new jetty for the liquid bulk terminal that can accommodate very large gas carriers.

       In total, Westports said capital expenditure amounted to RM371mil in 2021.

       Given the external economic conditions and supply chain challenges, Westports group managing director Datuk Ruben Emir Gnanalingam Abdullah said the company achieved a good level of profitability.

       “However, one-off insurance recoveries in 2021 amplified the bottom line because we made the corresponding write-offs for the two-year-old incident,” he said in a statement.

       Additionally, Ruben said all terminal operating equipment and essential facilities were unaffected by the heavy rainfall last month.

       “However, we will remain vigilant and ensure that the terminal’s operations remain unaffected by the growing risk of unusual weather events brought on by climate change.”

       Westports also paid a second interim dividend of 9.28 sen per share amounting to RM316mil, which will be paid on Feb 24, 2022.

       Commenting on its prospects, Westports said it is projecting a low single-digit positive container throughput for 2022.

       “The forecast nevertheless entails a cautionary note that the pandemic is still evolving and regulatory responses abroad could indirectly affect the company’s throughput recovery trajectory.”