BINTULU: Bintulu Port Holdings Bhd Group’s pre-tax profit increased 50.34 per cent from RM37.40 million in the first quarter of 2021 to RM56.22 million in the first quarter of this year.
According to a statement from the company, the higher operational revenue from the handling of palm oil, Dry Bulk cargo at Bintulu Port, and higher cargoes at Samalaju Industrial Port ontributed to the increase.
It also said that the group’s operational revenue for the current quarter was RM198.10 million, up RM13.30 million or 7.20 percent compared to RM184.80 million for the corresponding period last year.
The revenue from port services at Bintulu Port was RM146.41 million in the first quarter of this year, compared to RM142.46 million for the same period last year.
“Despite a reduction in the volume of LNG cargo throughput for the quarter under review this year compared to the corresponding period last year, LNG revenue remains the principal revenue contributor.
“During the quarter under review, revenue from the operation at Samalaju Industrial Port was RM41.90 million, compared to RM32.64 million for the corresponding period last year,” said the statement.
It added the RM9.79 million in revenue from bulking facilities for the first quarter of this year was the same as the RM9.70 million in Q1 2021.
The group’s after-tax profit of RM41.06 million was greater than the RM24.70 million recorded for the first quarter of last year. No prosperity tax was taken up on the corporate tax for Q1 2022.
With the better performance quarter on quarter, Bintulu Port has declared a first interim single-tier divided of 5.0 sen per share payable on August 2, 2022.
The statement added that Bintulu Port expected to have a positive momentum on cargo throughput from several cargo categories such as LNG, palm oil, container, and dry bulk sectors in 2022 due to the relaxation of the standard operating procedures (SOPs) relating to COVID-19 in many countries and the assumption that the global economy would continue to gradually recover from the effects of the pandemic.
It added that the group woud remain cautious in light of the current circumstances resulting from the conflict between Russia and Ukraine .
