Tiong Nam’s core logistics, warehousing profit soars

Tiong Nam Logistics managing director Ong Yoong Nyock.said the logistics sector would remain volatile on both regional and domestic fronts.

PETALING JAYA: Tiong Nam Logistics Holdings Bhd saw its pre-tax profit for its core logistics and warehousing services segment jump 400.2% year-on-year (yoy) to RM10.8mil in the fourth quarter ended March 31,2020 (4Q20) from RM2.2mil last year.

The company said the segment’s improved profitability was driven by improved utilisation of warehousing services and higher deliveries for essential products, namely food and beverage (F&B) and other consumer goods, as well as medical equipment supplies.

This aided in mitigating the impact of overall decline in regional and domestic business activity stemming from Covid-19 pandemic and MCO, it said.