KUALA LUMPUR: Swift Haulage Bhd's net profit increased 33.9 per cent to RM14.31 million in the first quarter (Q1) ended March 31, 2022, from the RM10.68 million recorded in the same quarter a year ago.
Revenue in the same quarter increased by 4.7 per cent to RM160.3 million from RM153.12 million.
In a statement today, the haulier and integrated logistics service provider said revenue was primarily contributed by container haulage (RM71.1 million) and land transportation (RM52.4 million), representing 77.1 per cent of its total revenue.
Other business segments such as warehousing and container depot, and freight forwarding made up the rest of its revenue, contributing RM19.6 million and RM17.0 million, respectively.
"Driving the improved revenue and surge in profitability was the easing of Covid-19 restrictions globally and the recovery of business activities that translated to higher volumes in Q1 FY22," it said.
Swift Haulage said that the balance sheet remained robust as of March 31, 2022, sporting a cash position of RM49.4 million whilst net gearing stood at a healthy 0.96x against shareholders' funds of RM633.7 million.
Group chief executive officer Loo Yong Hui said this was a great set of results to start the FY22 as Q1 is seasonally the company's weakest quarter due to the festivities.
"This was possible due to the easing of Covid-19 restrictions globally and the recovery of business activities that translated to higher volumes in Q1 FY22. We expect this momentum to continue in the coming quarters," he said.
Meanwhile, Swift Haulage said that it continues to focus on broadening its customer base domestically and regionally over the medium term via the expansion of its warehouse capacity.
This will also improve the cost management of its operations and the overall cost structure.
"The ongoing expansion of its warehouse capacity, namely 200,000 sq ft in Tebrau, Johor, 109,000 sq ft in Seberang Perai, Penang and 178,000 sq ft new warehouse in Port Klang Free Zone, Selangor, scheduled to be completed in Q3 FY22 will contribute positively to the FY22 top-line and bottom-line.
"Overall, warehouse capacity is slated to increase by approximately 46.0 per cent by the end of FY22," the company said.