TSX Shariah screener · October 2026

Is Westshore Terminals Investment Corporation (WTE) Halal?

PASS

Westshore Terminals Investment Corporation · TSX: WTE · Industrials

The short answer

Yes — Westshore Terminals Investment Corporation (WTE) passes this Shariah stock screen. Its business (coal storage and loading terminal at Roberts Bank, BC, plus potash infrastructure for BHP) has no prohibited lines. Interest-bearing debt is ~C$440.9M — the Vancouver Fraser Port Authority land lease, with no bank debt drawn — about 16.4% of its ~C$2.69B market cap (61,769,766 shares at C$43.54, Oct 1, 2026), under the ~33% ceiling. Interest income is negligible: the filing nets it as "Interest expense (income), net," a C$207k expense in Q1 2026, so non-compliant income is 0.00% of revenue — far under the 5% limit. No Zoya, Musaffa, or ShariaPortfolio rating was found for this ticker — honestly reported as absent, not invented.

Gate 1 — Business activity: PASS

Westshore Terminals Investment Corporation owns the Westshore Terminals Limited Partnership, which operates a coal storage and loading terminal at Roberts Bank, British Columbia (Port of Vancouver). Operating revenue is derived from rates charged for loading coal onto seagoing vessels — coal delivered by unit train from mines in British Columbia, Alberta, and the northwestern United States, shipped primarily to Japan, Korea, and China. Westshore is also undertaking infrastructure additions to handle potash for BHP Canada Inc. It is a terminal services business (loading, storage, wharfage), not a coal miner; coal and oil & gas are not prohibited lines under this screen's business gate (precedent: Suncor, CNQ, Cenovus screened PASS). No prohibited lines — alcohol, gambling, pork, conventional banking/insurance, tobacco, cannabis, adult entertainment — are disclosed. Gate 1 passes. Facts only.

Gate 2 — Debt and cash: PASS

Interest-bearing debt is the C$440.9M VFPA land lease liability (C$439,139k non-current + C$1,493k current at March 31, 2026, per the official Q1 2026 statements; ~C$440.9M at June 30, 2026) — the IFRS 16 lease on the terminal site from the Vancouver Fraser Port Authority, carrying capital lease interest (C$5.0M in Q1 2026). The company has no conventional bank debt drawn; the C$165M revolving credit facility entered with RBC and Scotiabank on February 20, 2026 was undrawn at March 31, 2026. Against a market cap of about C$2.69B (61,769,766 shares at C$43.54, Oct 1, 2026), debt ÷ market cap is about 16.4%, under the ~33% ceiling. Cash and equivalents of C$116.6M (June 30, 2026) are about 4.3% of market cap, within the ~33% guideline. The C$769.6M long-term deferred revenue balance is non-refundable BHP potash prepayments, not debt. Gate 2 passes. Facts only.

Gate 3 — Non-compliant income: PASS

Westshore does not disclose gross interest income as a separate line; it is netted inside "Interest expense (income), net," which was a C$207k net expense for Q1 2026 per the official statements (note 7) — there was no net interest income to measure against revenue of C$91.852M. Non-compliant income is 0.00% of revenue, far below the 5% limit. (In Q1 2025 the same net line showed C$719k of interest income, about 0.9% of revenue — also far under the limit.) Gate 3 passes. Facts only.

Key figures used

Business: owns Westshore Terminals LP — coal storage and loading terminal at Roberts Bank, BC (Port of Vancouver); revenue from loading rates on seagoing vessels; coal from western Canadian and US mines, mainly to Japan, Korea, China; potash infrastructure additions for BHP underway
Interest-bearing debt: ~C$440.9M VFPA land lease liability (no bank debt drawn; C$165M revolving credit facility undrawn at Mar 31, 2026); debt ÷ market cap ≈ 16.4% — UNDER the ~33% ceiling
Market cap: ~C$2.69B (61,769,766 shares × C$43.54, Oct 1, 2026); cash C$116.6M at Jun 30, 2026 ≈ 4.3% of market cap
Interest income: not disclosed separately; netted as "Interest expense (income), net" = C$207k expense in Q1 2026 → non-compliant income 0.00% of revenue, far under the 5% limit
H1 2026: revenue C$185.42M; net income C$44.38M; Q2 2026 dividend C$0.375/share payable Oct 15, 2026; 2026 throughput guidance ~25.5M tonnes
No Zoya, Musaffa, or ShariaPortfolio rating found for WTE — reported as absent, not invented

Frequently asked questions

What does Westshore Terminals Investment Corporation do?

Westshore Terminals Investment Corporation (TSX: WTE) owns Westshore Terminals Limited Partnership, which operates a coal storage and loading terminal at Roberts Bank, British Columbia (Port of Vancouver). Revenue comes from rates charged for loading coal onto seagoing vessels; the terminal handles coal from mines in British Columbia, Alberta, and the northwestern United States, shipped mainly to Japan, Korea, and China. Westshore is also building infrastructure additions to handle potash for BHP Canada. None of the disclosed business lines — terminal/loading services and infrastructure — are prohibited lines, so the business gate passes. Facts only.

Why does Westshore Terminals Investment Corporation pass this Shariah stock screen?

Westshore passes all three gates of this Shariah stock screen. Its business is coal terminal services (storage, loading, and wharfage) — no alcohol, gambling, pork, conventional banking/insurance, tobacco, cannabis, or adult entertainment lines. Interest-bearing debt is about C$440.9M (the Vancouver Fraser Port Authority land lease liability) against a market cap of about C$2.69B (61,769,766 shares at C$43.54, Oct 1, 2026) — roughly 16.4%, below the ~33% ceiling. Interest income is negligible: the filing nets it inside "Interest expense (income), net," which was a C$207k expense in Q1 2026, so non-compliant income is 0.00% of revenue — far under the 5% limit. This is a factual screen, not a religious ruling — consult a qualified scholar for personal guidance.

What is Westshore Terminals' interest-bearing debt ratio?

Westshore's interest-bearing debt is the Vancouver Fraser Port Authority (VFPA) land lease liability: C$439,139k non-current plus C$1,493k current, totalling C$440,632k at March 31, 2026 per the official Q1 2026 statements (about C$440.9M at June 30, 2026 per the quarterly balance sheet). The company has no conventional bank debt drawn — the C$165M revolving credit facility entered in February 2026 was undrawn at March 31, 2026. Against a market cap of about C$2.69B (61,769,766 shares at C$43.54, Oct 1, 2026), debt ÷ market cap is about 16.4%, under the ~33% ceiling. Cash and equivalents of C$116.6M at June 30, 2026 are about 4.3% of market cap, within the ~33% guideline. The large long-term deferred revenue balance (C$769.6M, non-refundable BHP potash prepayments) is customer prepayments, not debt.

What is Westshore Terminals' non-compliant income ratio?

Westshore does not disclose gross interest income separately: it is netted inside "Interest expense (income), net," which was a C$207k net expense (not income) for Q1 2026 — i.e., there was no net interest income to report against revenue of C$91.852M. The non-compliant income ratio is therefore 0.00% of revenue, far below the 5% limit. (For reference, in Q1 2025 the net line was C$719k of interest income, about 0.9% of revenue.)

Do Zoya, Musaffa, or ShariaPortfolio cover Westshore Terminals Investment Corporation?

No rating or coverage of Westshore Terminals Investment Corporation (TSX: WTE) was found on Zoya, Musaffa, or ShariaPortfolio — honestly reported as absent, not invented. This page applies the screen directly from the company's filings: the Q1 2026 First Quarter Report (filed May 2026) and the Q2 2026 earnings report filed August 4, 2026.

Sources

Screened 2026-10-01 from published company figures and market data. Figures change; this page is educational, not financial advice and not a religious ruling.

Screened with our two-gate Shariah screening methodology (business-activity gate, then AAOIFI-style financial ratios).