Profit

Swift Haulage Reports Quarterly Profit of RM12.1 Million in First Public Results Release


KUALA LUMPUR (December 17): Swift Haulage Bhd, which will debut in the main market of Bursa Malaysia on December 21, achieved net profit of RM 12.12 million for the third quarter ended September 30, 2021 (3QFY21) on turnover of RM 139.25 million.

In the first public announcement of its quarterly results, the integrated logistics services provider said in a stock exchange filing that this translates to earnings per share (EPS) of 9.92 sen. No comparative figure was available as this is the first interim financial report published by the group on its results, in accordance with the rating requirements.

For the cumulative nine months ended September 30, 2021 (9MFY21), the group achieved net profit of RM 35.4 million on revenue of RM 430.86 million. EPS came in at 35.85 sen.

Swift Haulage said its revenue for 9MFY21 was primarily from its Container Transportation segment (RM 203.2 million) and Ground transportation segment (RM 128 million), which accounted for 77% of total revenue. .

On the rest of revenue, container warehousing and depots segment contributed RM 55.6 million, while freight forwarding segment contributed RM 43.6 million.

The group said the Covid-19 pandemic and government-imposed movement restrictions have had a significant impact on many businesses, including its customers. “In view of these factors, our group experienced a decline in activity in most business segments, namely container transport, land transport and freight transit,” he added.

In a statement, the group further said that while its activities were considered “essential services”, its customers who had not had to interrupt their activities. In addition, those considered “essential services” could only operate at 60% of their capacity, which had an impact on the group’s financial performance at 3QFY21.

Nonetheless, he said he managed to achieve a laudable set of results for 3QFY21 and 9MFY21, which speaks to the resilience and robustness of his business model. “Our 9MFY21 PATAMI (profit after tax and minority interest) performance was approximately 85% of our total FY20 performance,” he said.

This, and the country having entered the fourth phase of the national recovery plan, has placed the group in a strong position to surpass its performance for fiscal 2020 and generate growth in a difficult environment, said Loo Yong Hui, CEO. of the Swift Haulage group.

Swift Haulage’s initial public offering (IPO), which involved a public offering of 157,142,900 new shares and an offer to sell 177,000,000 existing shares, including the over-allotment option, raised $ 161.9 million. RM, making it one of the biggest IPOs of 2021.

The group previously said its IPO attracted nine key investors, namely AIA Bhd, AmFunds Management Bhd, AmIslamic Funds Management Sdn Bhd, Areca Capital Sdn Bhd as fund manager of Areca Dynamic Growth Fund 10, Kenanga Investors Bhd, HSBC Global Asset Management (Hong Kong) Ltd, Nikko Asset Management Asia Ltd, UOB Asset Management (Malaysia) Bhd and Zurich Life Insurance Malaysia Bhd.

MIDF Amanah Investment Bank Bhd was the Senior Advisor, Associate Lead Manager, Associate Bookrunner, Managing Underwriter and Associate Underwriter for the IPO.