KUALA LUMPUR (Feb 18): Freight Management Holdings Bhd’s net profit climbed 61.41% to RM6.65 million in the second quarter ended Dec 31, 2020 (2QFY21), from RM4.12 million a year ago on the back of higher revenue.
In a bourse filing, the logistics company said its revenue rose 15% to RM170.69 million from RM148.44 million a year ago mainly due to increase in business activities in international freight and domestic logistics.
Freight Management said international freight business contributed RM126.9 million in revenue to the group, while domestic logistics contributed RM43.8 million.
Earnings per share increased to 2.38 sen from 1.48 sen in 2QFY20.
The group also declared a second interim single tier dividend of two sen, to be paid on March 22, 2021. This brings the total dividends declared for the year to three sen a share. No dividend was declared in 2QFY20.
For the cumulative six-month period ended Dec 31, 2020, net profit grew 39.33% to RM12.4 million from RM8.9 million previously. Meanwhile, revenue went up by 11.05% to RM319.37 million from RM287.59 million a year ago.
On prospects, the group said its current year business remains resilient despite the challenges and potential downside risks of the uncertain global economic activities and its supply chain due to the Covid-19 pandemic.
“Notwithstanding the challenges, the group remains optimistic and confident of our business and would continue to focus on expanding our customer base regionally and improving cost management via operational efficiencies,” it said.
At noon break, shares of Freight Management were unchanged at RM1.66, with some 390,000 shares traded. This valued the group at RM463.51 million.