For the third quarter 2022, Swift Haulage recorded revenue of RM159.2 million, gross profit of RM48.7 million and profit before tax (“PBT”) of RM15.3 million.
Revenue was primarily contributed by container haulage (RM69.5 million) and land transportation (RM51.3 million), these segments collectively represented 75.8% of total Group revenue. Other business segments namely warehousing and container depot and freight forwarding contributed RM21.2 million and RM16.4 million respectively to 3QFY2022 revenue.
For the 9 months financial period, the logistics service provider delivered revenue of RM479.7 million, gross profit of RM149.5 million and PBT of RM49.1 million. Revenue was mainly contributed by container haulage (RM210.1 million) and land transportation (RM157.4 million). These segments collectively made up 76.6% of total Group revenue. Other segments such as warehousing and container depot and freight forwarding contributed RM60.6 million and RM50.6 million respectively to 9MFY2022 revenue.
In comparison to the preceding year’s corresponding period Group revenue increased 11.3% (RM48.81 million) from RM430.9 million to RM479.7 million. Revenue growth was mainly driven by the easing of Covid-19 restrictions and an overall recovery of business activities. In line with the higher revenue recorded in 9MFY2022, profitability also improved as gross profit and PBT increased by 9.4% (RM12.8 million) and 7.9% (RM3.6 million) to RM149.5 million and RM49.1 million respectively.
As at 30 September 2022, Swift Haulage’s balance sheet remained robust sporting a cash position of RM23.8 million whilst net gearing stood at a healthy 0.89x against shareholders funds’ of RM656.0 million.
CEO, “Despite the decline in international ocean freight since it peaked in CY2021, Swift Haulage has benefitted from an increase in domestic freight volumes. We are optimistic that this trend will continue as the demand for goods from East Malaysia remains robust.”
