PETALING JAYA: Swift Haulage Bhd
expects the continued recovery in Malaysia's trade performance to support its growth for the remaining part of this year.
The integrated logistics service provider said in its filings that it is experiencing growing demand for its warehousing services, noting its recent acquisition of a warehouse in Penang would provide the group an opportunity to expand its warehousing presence in the northern region of Malaysia.
“Additionally, our associate company, GVL, is on track to finalise Phase I of the Shah Alam International Logistics Hub by the fourth quarter (4Q) of 2025, further strengthening our warehousing capacity,” the group said.
Swift Haulage's 2Q24 revenue rose 4.7% to RM172.9mil from RM165.1mil in 2Q23, primarily driven by higher contributions from container haulage and land transportation.
During the period under review, its net profit was lower by 14.3% at RM8.3mil, compared with RM9.7mil in 2Q23. The lower earnings were attributable to a decrease in gross profit in container haulage, land transportation and freight forwarding.
For the first six months to June 2024 (1H24), Swift Haulage's registered a 6.8% rise in revenue to RM352.2mil from RM329.9mil in 1H23, while net profit was higher by 48.5% at RM29.5mil, as compared with RM19.9mil in 1H23.
