International freight service provider FM Global Logistics Holdings Bhd continued its growth momentum in the second financial quarter ended 31 December 2021 (2Q22), posting a 62.8 percent increase in net profit to RM10.82 million from RM6.65 million recorded a year ago.
This was mainly due to the increase of business activities from both its Malaysian and overseas operations.
Earnings per share rose to 1.94 sen for 2Q22 from 1.19 sen for 2Q21.
For an SME, the current uncertain times make it paramount to protect its cash flow position against external shocks.
Revenue for the quarter also grew 64.7 percent to RM281.04 million from RM170.69 million in 2QFY21, mainly due to higher freight rates and business activities in the current quarter under review.
The group declared a first interim dividend of 1.0 sen per share for the financial year ending June 30, 2022 (FY22), payable on May 19.
The improved quarterly performance lifted the group’s net profit for the cumulative six months (1H22) to RM21.12 million, a 70.2% improvement from RM12.4 million recorded in 1H21.
Revenue also grew 54.9 percent to RM494.56 million in 1H22 from RM319.37 million a year ago.
On prospects, FM Global Logistics said it is optimistic of its business activities despite the continuous challenges and potential risks of the uncertain global economic activities and the supply chain due to Covid-19 pandemic.
“The group will continue to focus on expanding its customer base regionally and improve cost management via operational efficiencies,” it added.
At noon break on Tuesday (22 February), theedgemarkets.com reported FM Global Logistics’ shares were down 4 sen or 4.52 percent at 84 sen, bringing a market capitalisation of RM471.89 million.
