KUALA LUMPUR: Logistics firm Swift Haulage Bhd reported a net profit of RM21.14 million for the first quarter ended March 31, 2024 (1Q24), up from RM10.13 million net profit in the same period last year.
The company posted an 8.9 per cent increase in revenue, rising from RM164.8 million to RM179.4 million.
This was mainly driven by additional revenue generated from the increase in fleet capacity for the land transportation segment, the expansion of the auto logistics warehouse and an increase in the depot business
"Other business segments namely warehousing and container depot as well as freight forwarding business contributed RM27.2 million and RM15.3 million respectively for 1Q24," it said.
Swift Haulage said its pre-tax profit was further boosted by higher other income earned from disposal of 12.5 per cent stake in Global Vision Logistics Sdn Bhd (GVL) shares.
Swift Haulage group chief executive officer Loo Yong Hui said its revenue of RM179.4 million marks a record high, with growth in the warehousing, container depot and land transportation sectors.
"Profitability across all our business segments was also healthy in line with the increase in revenue.
"Looking ahead, we are very much focused on expanding our warehousing capacity and to build only eco-friendly and green certified warehouses.
Loo said Swift Haulage's 269,000 square feet environmentally-certified warehouse in Westport has reached full occupancy.
He highlighted that the company anticipates sustained growth in the warehousing segment over the long term, driven by continued strong demand for eco-friendly warehousing solutions.
"We intend to capitalise on this as we aggressively expand our warehousing footprint and capacity beyond the current 1.3 million square feet to 1.7million square feet in the near future," he noted.