Westports Share Price Up After Posting Higher FY2024 Net Profit

KUALA LUMPUR, Jan 24 (Bernama) -- Westports Holdings Bhd’s share price on Bursa Malaysia was slightly higher in early trading after posting a higher net profit of RM897.98 million for the financial year ended Dec 31, 2024 (FY2024) versus RM779.43 million in the preceding year. 

At 10.27 am, the counter rose eight sen to RM4.55, with 101,300 shares changing hands. 

In a Bursa Malaysia filing yesterday, the company said revenue also improved to RM2.34 billion from RM2.15 billion previously. 

Westports said it has achieved its highest-ever total revenue of RM2.34 billion, driven by a record-breaking container volume of 10.98 million twenty-foot equivalent units (TEUs).

Kenanga Investment Bank Bhd said it likes Westports for its resilient earnings underpinned by long-term contracts with key clients such as Ocean Alliance and its long-term growth prospect driven by the Westports 2 expansion project.

“(We also) like Westports for its price competitiveness such as lower transhipment tariffs versus its peers such as the Port of Tanjung Pelepas and the Port of Singapore,” it said in a note.

Meanwhile, CIMB Securities has projected a five per cent throughput volume growth in 2025 driven by a recovery in transshipment volumes and normalise effect following the phase-out of shipping firm ZIM's volumes in 2024.

“We also expect continued healthy gateway cargo volumes, supported by a robust economic outlook and strong trade performance,” it said in a note.

Kenanga maintained a “Market perform” call for Westports with a higher target price (TP) of RM4.47 from RM4.40 previously, while CIMB Securities also maintained “Buy” recommendation with a higher TP of RM5.50 from RM5.30.

-- BERNAMA