For the last quarter of the year, net profit rose 17% to MYR155m while turnover rose to MYR573.3m from MYR477m, the company said in a stock market release.
The good results were achieved on the back of good volumes with Westports noting it had achieved another record with container volume of 9.95m teu in 2016, a 10% rise over the previous year’s record of 9.05m teu and putting it just shy of the 10m teu mark.
Westports added that the continued strong growth came from transhipment containers as it helped support the regional trading market.
Gateway volume was also strong, sealing off the numbers with much better growth in the second half of the year as Westports continued to facilitate domestic economic activities with the volume of laden export containers increasing by 6% in 2016. Imports however grew by a more modest 1%.
Ceo Ruben Emir Gnanalingam said Westports' record breaking financial and operational performance was gratifying, and reflected the results of the group’s relentless commitment towards accommodating growing requirements from customers.
“Over the course of 2016, Westports has also benefited from shipping clients’ ad-hoc handling requirements as they introduced larger vessels into their existing container shipping services.
“The record container volume handled and active terminal utilisation of the recently completed Container Terminal 8 (CT8) Phase 1 facilitated the need to commence with CT9 Phase 1 expansion to meet the future requirements of our shipping customers and also raise the overall terminal handling capacity at Port Klang.
“The CT9 Phase 1 expansion will entail the construction of an additional 600-metre wharf and new Terminal Operating Equipment such as Ship-To-Shore Cranes and Rubber Tyred Gantry Cranes,” he said.
Looking ahead, Wesports sees "moderate growth in container throughput in 2017” compared to growth in 2016.
The second phase of Container Terminal 8, consisting of a 300-metre wharf and supporting terminal operating equipment and facilities are expected to be operational by the middle of 2017.
“The handling capacity will increase to 12.5m teu by the middle of 2017. We have commenced the first phase of Container Terminal 9, consisting of 600-metre wharf with expected completion by December 2017,” Westports said.
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