Saturday 22 Jun 2024
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KUALA LUMPUR (Feb 22): International freight service provider FM Global Logistics Holdings Bhd continued its growth momentum in the second financial quarter ended Dec 31, 2021 (2QFY22), posting a 62.8% 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 2QFY22 from 1.19 sen for 2QFY21.

Revenue for the quarter also grew 64.7% 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 (1HFY22) to RM21.12 million, a 70.2% improvement from RM12.4 million recorded in 1HFY21.

Revenue also grew 54.9% to RM494.56 million in 1HFY22 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 (Feb 22), FM Global Logistics’ shares were down 4 sen or 4.52% at 84 sen, bringing a market capitalisation of RM471.89 million.

Edited ByKang Siew Li
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