KUALA LUMPUR (May 13): Logistics firm Swift Haulage Bhd’s (KL:SWIFT) net profit more than doubled in the first quarter from a year earlier, thanks to one-off gain from a stake sale, as well as higher revenue.
Net profit for the three months ended March 31, 2024 (1QFY2024) was RM21.14 million compared to RM10.13 million over the same period last year, the company said in an exchange filing. The company booked RM12.93 million in gains on disposal of non-current assets held for sale.
Revenue for the quarter was up 8.9% year-on-year to RM179.35 million from RM164.75 million, due to the increase in fleet capacity for land transportation, as well as expansion of warehouse in auto logistics and the increase in depot business.
On prospects, Swift Haulage said it continues to experience a growing demand for warehousing services.
“We maintain to be cautiously confident in our financial performance for the next fiscal year, striving to capitalise on opportunities while advancing our ESG (environmental, social and governance) agenda to contribute to Malaysia’s sustainable advancement,” it added.
In January, Swift Haulage announced the sale of its 12.5% stake in Global Vision Logistics Sdn Bhd (GVL) to IJM Corp Bhd for RM44.36 million. Post-disposal, Swift Haulage’s stake in GVL was reduced to 30%, from 42.5% previously. GVL is a project owner and developer of the Shah Alam International Logistic Hub.
Swift Haulage’s share price settled unchanged at 53.5 sen on Monday, giving the company a market capitalisation of RM478 million.