KUALA LUMPUR (May 15): Swift Haulage Bhd (KL:SWIFT) posted a 65.9%% drop in net profit for the first quarter of 2025, mainly due to the absence of a one-off disposal gain that it booked a year ago.

Net profit for the quarter ended March 31, 2025 (1QFY2025) declined to RM7.22 million from RM21.14 million in the same quarter last year, according to the logistics firm’s bourse filing on Thursday.

Revenue edged up 3.5% to RM185.68 million in 1QFY2025 versus RM179.35 million previously. 

No dividend was declared for the quarter.

The decline in earnings was due to other income falling to RM1.02 million as compared with the RM13.72 million it recognised in 1QFY2024, which included a gain from the disposal of a 12.5% stake in Global Vision Logistics Sdn Bhd (GVL) amounting to RM12.93 million. The group still has a 30% stake in GVL. 

Excluding the disposal gain, 1QFY2025’s profit before tax of RM10.47 million was down 7.3% compared with 1QFY2024’s RM11.29 million, mainly due to higher finance costs and operating overheads.

Looking ahead, Swift Haulage said the group continues to see strong demand for its warehousing services and remains focused on driving sustainable growth across its core logistics and warehousing operations.

“Our associate company, GVL, is on track to complete phase one of the Shah Alam International Logistics Hub by the end of 2025, adding 2.8 million sq ft of warehousing space to support increasing demand.

“In addition, we are advancing our cold chain capabilities through our joint venture with JWD Asia Pte Ltd. Construction of a dedicated cold room facility is progressing on schedule, with completion targeted by the end of 2025,” it added.

Shares in Swift Haulage ended unchanged at 39 sen on Thursday, valuing the group at RM348.4 million.