KUALA LUMPUR: Swift Haulage Bhd's net profit increased 13.7 per cent to RM13.19 million in the second quarter (Q2) ended June 30, 2022 from the RM11.59 million recorded in the same quarter last year.
Its revenue for the quarter increased 11 per cent to RM160.12 million from RM144.2 million.
In a filing to Bursa Malaysia today, the company said the higher revenue was primarily contributed by container haulage of RM69.5 million and land transportation of RM53.6 million.
These represent 76.9 per cent of the company's revenue in Q2.
For the six-month period, Swift Haulage's net profit increased 23.4 per cent to RM27.5 million from 22.28 million, while revenue increased 7.8 per cent to RM320.42 million from RM297.32 million.
"The improved revenue was mainly driven by easing of Covid-19 restrictions and recovery of business activities," it said.
Group chief executive officer Loo Yong Hui said this was a commendable set of results for the first half (1H) of FY22.
"The performance is despite a is seasonally weaker first half due to the festivities. Swift continues to benefit from the normalisation and improvement in economic activities.
"With the easing of Covid-19 restrictions globally, this momentum is expected to continue in the coming quarters," he said in a separate statement.
Loo said in a bid to capitalise on the strong demand for warehousing, Swift Haulage's warehouse expansion was moving along.
"Our warehouses in Tebrau, Johor (200,000 sq ft) and Seberang Perai, Penang (109,000 sq ft) have already commenced operations in 1H FY22."
"Additional capacity is slated to come onstream in the near term, as our warehouse in the Port Klang Free Zone, Selangor (178,000 sq ft) is scheduled to be completed in the coming quarter.
"Overall, our warehouse capacity will increase by approximately 46 per cent by the end of FY 22 as part of our growth journey," he added.
Swift Haulage declared a first interim single-tier dividend of 1.0 sen per share, in respect of the six months financial period ending June 30, 2022.
The dividend will be paid on October 21.
