Westports Holdings (WPRTS) Q2 2024 earnings summary

Executive summary

• Operational revenue for the first half of 2024 rose 7% year-over-year to RM1.09 billion, driven by higher container volumes.

• Profit before tax increased 8% year-over-year to RM531 million for the six months ended 30 June 2024.

• Profit after tax for the same period was RM408 million, up 8% from the prior year.

• Quarterly profit before tax remained stable sequentially at RM266 million.

Financial highlights

• Revenue for 2Q2024 was RM552.99 million, up 2% year-over-year; six-month revenue reached RM1.096 billion, up 4%.

• Gross profit for the first half increased 9% year-over-year to RM660.76 million.

• Basic earnings per share for 1H2024 was 11.97 sen, up from 11.10 sen in 1H2023.

• Net cash generated from operating activities for 1H2024 was RM643.64 million.

• Cash and cash equivalents at 30 June 2024 stood at RM656.27 million.

Outlook and guidance

• The group maintains a cautious outlook, expecting low single-digit growth in container volume for the year due to global supply chain disruptions and regional port congestion.