Westports Holdings (WPRTS) Q3 2024 earnings summary

Executive summary

• Operational revenue for Q3 2024 rose 8% year-over-year to RM573 million, driven by higher container revenue.

• Profit before tax for Q3 2024 increased 20% year-over-year to RM304 million, with profit after tax up 20% to RM233 million.

• For the nine months ended September 2024, operational revenue grew 7% to RM1.67 billion, and profit after tax rose 12% to RM641 million.

Financial highlights

• Q3 2024 revenue: RM572.6 million (+6% YoY); gross profit: RM378.3 million (+22% YoY).

• Nine-month revenue: RM1.67 billion (+4% YoY); gross profit: RM1.04 billion (+13% YoY).

• Basic EPS for Q3 2024: 6.83 sen (+20% YoY); nine-month EPS: 18.81 sen (+12% YoY).

• Net cash from operating activities for nine months: RM999.8 million; cash and cash equivalents at period end: RM548.5 million.

Outlook and guidance

• Low single-digit growth or flattish outlook expected for the remainder of 2024.

• Intra-Asia remains the main container volume contributor amid global economic uncertainties and Middle East tensions.