KUCHING: The process of the handing over of Bintulu Port to the Sarawak government from the Federal government is in the final stages of completion, says Bintulu Port Holdings Bhd (BPHB).
BPHB said when the Sarawak government assumes jurisdiction over the Bintulu Port, its subsidiary, Bintulu Port Sdn Bhd (BPSB), will continue to be the port’s operator to ensure continuity of the port’s business.
On December 26, 2024, BPSB entered into a third interim agreement with the Federal government, represented by the Transport Ministry and Bintulu Port Authority, to extend the concession period for Bintulu Port for another 12 months until December 31, 2025 or until the date of coming into operation of the Declaration of an Area in Bintulu District to be a Federal Port (Repeal) Act 2024 and Bintulu Port Authority (Dissolution) Act 2024, whichever is the earlier.
The 30-year concession first expired on December 31, 2022.
Although the Bintulu Port (Dissolution) Act 2024 was gazetted on October 17, 2024, it has yet to be in force and will only come into operation on a date to be appointed by the Minister by notification in the Gazette, said BPHB when releasing its second quarter to June 30, 2025 (2Q2025) financial results.
In the current quarter under review, BPHB reported lower group net profit of RM34.74 million (2Q2024:RM39.85 million) as revenue dipped to RM194.8 million (RM196.9 million) or down by RM2.1 million (-1.05%). Company’s earnings per share decreased to 7.55sen from 8.66sen.
“Revenue from port services at Bintulu Port dropped to RM136.78 million in 2Q2025, down from RM145.98 million in 2Q2024, driven by lower revenue from the handling of LNG cargo affected by the planned major maintenance shutdown at MLNG.
“Revenue from operations at Samalaju Industrial Port of RM47.76 million is higher by RM6.95 million compared to RM40.81 million recorded in the corresponding quarter. Revenue from bulking facilities increased slightly to RM10.28 million from RM10.11 million in 2Q2024,” BPHB said in explanatory notes to its financials.
In 2Q2025, BPHB recorded higher expenditure of RM166.82 million, an increase of RM6.66 million from RM160.16 million in 2Q2024, mainly on manpower and administration costs.
In first half of 2025 (1H2025), BPHB reported weaker bottom lines as group net profit slipped to RM63.12 million (1H2024:RM84.55 million) as revenue fell to RM396.53 million (RM405.57 million)or down by RM9 million (2.23%).
Revenue from Bintulu Port was down by RM11.73 million (-3.85%) to RM292.97 million (RM304.7 million) mainly due to lower revenue from the handling of LNG cargo.
On the other hand, Samalaju Industrial Port generated higher revenue of RM83.88 million (RM80.3 million), contributed by higher income from handling of project cargo. The revenue from bulking facilities fell to RM19.68 million (RM20.57 million).
On current year’s prospects, BPHB said shifting trade policies and uncertainties surrounding tariff development as well as geopolitical tensions resulting in the potential shifts in global trade routes and evolving market sentiment might indirectly impact the group’s growth prospects.
“Despite the reduction in revenue from handling of LNG cargo and vessel calls in 1H2025 due to the planned major maintenance shutdown at MLNG, the revenue from LNG will still remain as the main contributor to the group.
“The group envisages the number of vessel calls and cargo volume for LNG will improve in the second half of 2025.Other than this, there are positive growth from the vessel calling for methanol cargo and the Samalaju project cargoes,” added the company.
Updating the notice of assessment from Inland Revenue Malaysia received on July 31, 2025, BPHB said it had engaged tax and legal advisors to address the issue.
The notices of assessment for the years of assessment 2020, 2021, 2022 and 2023 amounted to about RM6.75 million,RM10.99 million,RM12.67 million and RM13.8 million respectively.
Based on the legal advice from its tax counsel, BPHB believes that it has good grounds to contend that there is no legal and factual basis for the director-general of Inland Revenue to issue the said assessment notices.
