Swift Haulage’s 1Q profit doubles

PETALING JAYA: Swift Haulage Bhd (SHB) remains cautiously confident in its financial performance going forward, as it strives to capitalise on opportunities.

In a filing with Bursa Malaysia, the logistics firm said it is on track to finalise its acquisition of a 118,000 sq ft warehouse in Penang in the second quarter of 2024.

“Our affiliate, GVL, is also progressing towards completing Phase 1 of the Shah Alam Logistics Hub by the fourth quarter of 2025,” it said.

For the first quarter ended March 31, 2024, SHB’s net profit doubled to RM21.14mil from RM10.13mil in the previous corresponding period, while revenue rose to RM179.35mil from RM164.75mil a year earlier.

SHB said revenue was primarily contributed by container haulage of RM69.6mil and land transportation of RM67.1mil, representing 76.2% of the group’s revenue during the quarter under review.

Basic earnings per share stood at 2.40 sen against 1.15 sen previously.