KUALA LUMPUR: Freight Management Holdings Bhd's (FMH) net profit increased nearly eight-fold to RM8.58 million in the fourth quarter (Q4) ended June 30, 2021from RM1.11 million posted a year ago.
In an exchange filing today, the multimodal freight and logistics service provider said this was contributed by a significant improvement in performance in both local and overseas operations.
FMH's revenue rose 80 per cent to RM228.27 million from RM127.05 million mainly due to higher freight rates and business activities during the current quarter.
For the year ended June 30, 2021 (FY21), FMH's net profit jumped 124.4 per cent to RM27.04 million from RM12.05 million, while revenue increased 38.4 per cent to RM763.43 million from RM551.61 million.
Group managing director Chew Chong Keat said the FY21 performance was the highest recorded in terms of revenue, net profit and volume handled, despite the numerous challenges and disruptions caused by the Covid-19 pandemic both locally and internationally.
"FMH was well-placed to take advantage of the robust demand in logistics services as the world continued its recovery phase," he said in a statement today.
Chew added that the company's business segments performed strongly and recorded good growth in revenue and profit, particularly the sea freight and land freight businesses.
"Besides our core Malaysian operations, our international businesses also contributed strongly, with the key markets delivering significantly higher profits, such as Indonesia, Vietnam, Thailand and Australia," he said.
The board declared a third interim single-tier dividend of 1.0 sen per share, payable on October 18.
Chew expects another positive performance in FY22.
"We believe we are now on a stronger footing to ride the sustained recovery in demand for logistics services.
"We will benefit from the various strategic initiatives that we have implemented to grow our customer base, improve cost and efficiency management, and restructure under-performing businesses," he said.