KUALA LUMPUR (Nov 8): Swift Haulage Bhd’s net profit more than doubled to RM28.39 million in the third quarter ended Sept 30, 2023 (3QFY2023), from RM11.72 million a year earlier. Earnings per share rose to 3.22 sen from 1.32 sen.

In a filing to Bursa Malaysia on Wednesday (Nov 8), the country’s largest haulage operator said its improved earnings were due to higher other income earned from gain from bargain purchase through the acquisition of a 17.5% stake in Global Vision Logistics Sdn Bhd (GVL).

Revenue increased 5.52% to RM168.04 million, from RM159.25 million, contributed by all its business segments, mainly from container haulage and land transportation segments.

On a quarter-on-quarter basis, Swift Haulage’s net profit jumped almost three times from RM9.72 million in 2QFY2023, while revenue grew marginally by 1.78% from RM165.1 million in the immediate preceding quarter, on the back of higher revenue in container haulage and warehousing and container depot.

For the nine-month period ended Sept 30, 2023 (9MFY2023), its net profit expanded by 23.02% to RM48.25 million from RM39.22 million in 9MFY2022, as revenue rose 3.8% to RM497.9 million against RM479.67 million in the same period last year.

The group is cautiously confident of its financial performance for the next financial year.

“Despite the foreseeable hurdles, we aim to continue seizing all possible opportunities to achieve another year of resilient results, whilst making meaningful progress in our ESG [environmental, social and governance] agenda to contribute to Malaysia’s sustainable progress,” it said.

The group also plans to expand its warehouse capacity in both the northern and central regions. Moreover, its 42.5%-owned GVL, which will establish Asean's largest logistics hub in Shah Alam with Phase 1 operational in 4QFY2025, will further underpin its warehouse growth strategy.

Swift Haulage shares finished unchanged at 55 sen on Wednesday, valuing the group at RM489.41 million.