Westports Posts Strong 9MFY25 Results, Boosted by Higher Transhipment and Tariff Hike

Kuala Lumpur, 5 November 2025 – Westports Holdings Bhd reported a 9MFY25 core net profit (CNP) of RM725.2 million, slightly above expectations at 78.1% of full-year forecasts. The stronger performance was driven by higher-than-expected transhipment volumes amid increased restow activities from repositioning empty containers back to the Far East.

Revenue surged 31.3% year-on-year, underpinned by a 6.2% rise in container throughput, a 15% port tariff hike, and elevated storage income from longer-staying metal-laden containers following the government’s crackdown on e-waste. However, with the clearance of backlogged e-waste cargoes, storage income is expected to normalise in the coming quarters.

Higher Transhipment

Quarter-on-quarter, revenue and CNP climbed 8.8% and 17% respectively, buoyed by growth across all segments, particularly conventional cargo and marine services.

Looking ahead, management maintained a neutral stance on trade developments despite easing US–China tensions. Progress on the Westport 2 (WP2) expansion remains on track, with dredging and land reclamation works about 35% completed.

Analysts kept their HOLD call on Westports with an unchanged target price of RM5.36, based on a discounted cash flow valuation applying a 6.2% discount rate.

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