KUALA LUMPUR (Aug 22): Bintulu Port Holdings Bhd's (KL:BIPORT) net profit rose 67.8% in the second quarter from a year earlier, thanks to lower finance cost and higher sales.

Net profit for the three months ended June 30, 2024 (2QFY2024) was RM39.85 million, compared with RM23.75 million a year earlier, Bintulu Port said in an exchange filing. Earnings per share grew to 8.66 sen per share in the second quarter, from 5.16 sen per share previously.

Revenue for the quarter grew 11.7% year-on-year to RM196.89 million from RM176.32 million on an increase in cargo, more base support services as well as higher sales at Samalaju Industrial Port.

In terms of the outlook, Bintulu Port said it will commence the handling of marine services for Sarawak Petchem's methanol from the second half of 2024.

The company also said that liquefied natural gas cargo will remain as its main revenue contributor, supported by positive revenue growth from base support activities and Samalaju cargo.

For the first half ended June 30, 2024 (1HFY2024), net profit grew 82.9% to RM84.55 million from RM46.23 million a year ago, while revenue grew 11.4% to RM405.57 million from RM364.22 million.

Bintulu Port also declared a dividend of four sen per share payable on Oct 8, which is higher than the three sen per share a year earlier.

At Thursday's closing, shares in Bintulu Port were unchanged at RM6.30, giving the group a market capitalisation of RM2.89 billion. Year to date, the stock is up 23.8%, while its current indicative dividend yield stands at 1.9%.