Integrated logistics service provider Swift Haulage Bhd’s net profit for the second quarter ended June 30, 2022 (2QFY22) rose 13.71% to RM13.19 million from RM11.60 million a year ago, driven by the easing of Covid-19 restrictions and recovery of business activities.
“The second quarter of the year saw robust domestic economic growth largely driven by rising demand as economic activities normalised, [and] the easing of containment measures [has a] positive impact [on] our business,” said the group in a filing with Bursa Malaysia.
Earnings per share expanded to 1.48 sen per share in 2Q22, from 2.23 sen in 2Q21.
Quarterly revenue gained 11.04% to RM160.12 million, from RM144.20 million previously.
Swift Haulage said 2Q22 revenue was primarily contributed by container haulage of RM69.5 million and land transportation of RM53.6 million, which accounted for 76.9% of the group’s total revenue in the current quarter.
Other business segments made up the rest of the revenue for 2Q22, with warehousing and container depot contributing RM19.8 million and freight forwarding contributing RM17.2 million.
Swift has declared a single-tier interim dividend of one sen per share, payable on 21 Oct 2022.
For the cumulative six months ended June 30, 2022 (6MFY22), net profit increased 23.42% to RM27.50 million, from RM22.28 million a year before. Revenue expanded 7.77% to RM320.42 million from RM297.32 million.
Going forward, the group said it will continue to focus on expanding its customer base domestically and regionally.
“Despite the foreseeable hurdles, we aim to continue leveraging on all possible opportunities to drive another year of solid and resilient results,” it added.
Swift closed unchanged at 57.5 sen for a market capitalisation of RM512 million. It has lost 44% from its listing price of RM1.03.