This article first appeared in The Edge Malaysia Weekly on August 17, 2026 - August 23, 2026

Tiong Nam Logistics Holdings Bhd (KL:TNLOGIS) proved that its years of expansion into warehousing was the right move when it delivered a new record top-line performance for its financial year ended March 31, 2026 (FY2026), with revenue rising 12.6% to RM965 million from the previous record high of RM856.8 million in FY2025.

In fact, the group’s revenue has been on a relentless upward trajectory in recent years.

Between 2022 and 2025 — the evaluation period for The Edge Malaysia Centurion Club Corporate Awards 2026 — Tiong Nam’s revenue climbed 24%, while its net profit skyrocketed more than tenfold to a peak of RM57.3 million in FY2024, from RM5.2 million in FY2022, before settling at RM42.6 million in FY2025. This translated to an adjusted compound annual growth rate (CAGR) of 40.7% over the three-year period, based on the awards methodology, giving the group its maiden Centurion Club award for Highest Growth in Profit After Tax Over Three Years in the transport and logistics sector.

Tiong Nam, which has been touting its strategic focus on expanding warehousing capacity and enhancing operational efficiency to generate sustainable long-term returns, saw its core operational momentum remain strong in FY2026, even as its bottom line eased 19.7% to RM34.2 million from RM42.6 million. The drop was largely because of non-operational factors: lower fair value gains on investment properties and a higher effective tax rate following the expiry of a one-off tax incentive that was recognised in FY2025.

Its logistics and warehousing services division remained the main earnings engine, with revenue rising 13.2% year on year to RM935.5 million. Pre-tax profit for the segment jumped 36.7% to RM65.6 million from RM48.1 million in FY2025, underpinned by higher capacity utilisation, economies of scale and operational improvements.

The group also strengthened its customer mix, with multinational corporations now contributing 54% to revenue in its logistics and warehousing segment, reflecting its growing position as a supply chain partner of global manufacturers operating in the region.

The expansion drive is far from over. The group plans to add another 1.9 million sq ft of warehousing space between FY2027 and FY2029, lifting its total footprint to 12.4 million sq ft by FY2029 to meet rising demand and support future growth.

“Our improved performance reflects our strong execution in operational efficiency and warehousing network optimisation. Building on this strong position, we are expanding our integrated warehousing footprint to capture long-term growth, further enhancing our capability to support domestic and multinational clients,” managing director Ong Yoong Nyock said when announcing the company’s FY2026 results on May 25.

Construction on new warehouse facilities is underway in several strategic locations, including Tebrau and Kempas in Johor, Shah Alam in Selangor, Kota Bharu in Kelantan and Kota Kinabalu Industrial Park in Sabah.

Beyond logistics, Tiong Nam’s property development business provides a second earnings pillar. The division has completed industrial, commercial and residential projects with a combined gross development value of RM1.5 billion to date.

The property development segment generated RM29.5 million in revenue in FY2026, supported by ongoing residential projects in Kota Masai, Johor. As at March 31, 2025, the group had a land bank of 205.8 acres, largely in Johor, positioning it to benefit from the continued development in the Iskandar Malaysia economic corridor and major infrastructure projects such as the Johor Bahru-Singapore Rapid Transit System Link.

Investors have long anticipated a warehouse real estate investment trust spin-off, a proposal that the group has discussed for years but has yet to bring to market.

Looking ahead, Ong remains optimistic that the shifting global supply chains will continue to underpin demand, even as geopolitical tensions arising from the conflict in the Middle East pressure the broader logistics sector by driving up fuel prices and disrupting shipping schedules. Malaysian logistics operators like Tiong Nam have been partly insulated by the domestic diesel subsidy, which has helped contain operating costs.

Ong expects the demand for warehousing and integrated logistics infrastructure in Malaysia to remain robust as multinational corporations diversify their manufacturing and logistics operations into Asean to reduce tariff-related risks.

Tiong Nam operates 109 warehouses, both owned and leased, across 19 locations in three countries — 107 in Malaysia, one in Singapore and one in Laos — supported by a fleet of more than 2,000 vehicles.

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