Swift Haulage for the first quarter of 2023 recorded revenue of RM169.4 million with a gross profit of RM51.1 million, profit before interest and tax of RM20.5 million, and profit before tax of RM12.8 million.
The revenue it said was primarily contributed by container haulage of RM69.7 million and land transportation of RM62.9 million which represents 78.3% of our Group’s revenue for 1Q2023. Other business segments namely warehousing and container depot and freight forwarding business contributed RM22.3 million and RM14.4 million respectively for 1Q2023.
In comparison to the preceding year corresponding quarter, the Group’s revenue increased by RM9.1 million from RM160.3 million in 1Q2022 to RM169.4 million in 1Q2023. The improved revenue was mainly driven by the additional revenue contributed from an increase in fleet capacity for Land Transportation and higher revenue from our warehousing business segment as three new warehouses were completed in FY2022. The Group recorded a profit before tax of RM12.8 million in 1Q2023 as compared to RM17.1 million in 1Q2022, which was lower by RM4.3 million mainly due to higher finance cost and overhead expenses
The Group’s revenue for the current quarter recorded at RM169.4 million is RM5.3 million or 3.2% higher than immediate preceding quarter 31 December 2022 revenue. The increase in revenue is mainly contributed by land transportation from fleet expansion and warehousing and container depot segments from an increase in warehouse capacity. This is offset by lower container haulage and freight forwarding revenue. The Group’s recorded profit before tax of RM12.8 million in 1Q2023 has shown a slight decrease of RM0.4 million or 3.0% from RM13.2 million in 4Q2022. The slight decrease in profit before tax is mainly due to higher interest and overhead expenses.
The growth of the logistics sector in Malaysia is correlated with the growth in Malaysia’s economic activities as well as international trade. The Group expects the business environment in which it operates to remain challenging.
In 2023, the Group plans to expand the warehouse capacity further by constructing 2 more warehouses in Northern and Westport Land with 150,000 sq ft and 250,000 sq ft respectively with a target to be operational in 1H2024.
