KUALA LUMPUR (May 30): The net profit of Bintulu Port Holdings Bhd (KL:BIPORT), the operator of East Malaysia’s largest container port, nearly doubled in the first quarter, driven by higher revenue contribution from both port operations and bulking services.

Net profit for the three months ended March 31, 2024 (1QFY2024) came in 98.89% higher at RM44.71 million or 9.72 sen per share, compared to RM22.48 million or 4.49 sen per share in 1QFY2023, Bintulu Port’s bourse filing showed. Revenue rose by 11.06% to RM208.67 million, compared to RM187.89 million over the same period last year.

Bintulu Port also declared a first interim dividend of three sen per share, totalling RM13.8 million, payable on Aug 1, 2024.

Moving ahead, Bintulu Port anticipates that handling liquefied natural gas (LNG) cargo will continue to be its primary revenue driver. Additionally, the handling of palm oil and Samalaju cargoes is expected to contribute positively to the group’s performance, it noted.

Under its port operations, in 1QFY2024, revenue from the Samalaju Industrial Port increased to RM39.49 million, surpassing the RM32.43 million recorded in the previous year's corresponding quarter.

Likewise, revenue recorded from Bintulu Port also reached RM158.72 million in 1QFY2024, up from RM145.29 million in 1QFY2023, due to higher revenue from handling LNG cargo and bulk fertiliser cargo.

During the quarter also, revenue from its bulking services — the provision of bulking installation facilities for palm oil, edible oils, vegetable oils, fats and its by-products — increased to RM10.46 million, compared to RM10.17 million in 1QFY2023.

Its operating expenditure decreased by RM4.89 million in the quarter, primarily due to lower finance costs related to the unwinding of lease concessions.

At Thursday's midday trading break, Bintulu Port shares remained unchanged at RM6.20, resulting in a market capitalisation of RM2.85 billion.