KUALA LUMPUR (Feb 24): Integrated logistics service provider Swift Haulage Bhd saw its net profit for the fourth quarter ended Dec 31, 2021 (4QFY21) rise 25.3% to RM15.18 million from RM12.12 million in the immediate preceding quarter (3QFY21) on higher revenue contribution across its business segments.

However, its earnings per share fell to 2.01 sen for 4QFY21 compared with 9.92 sen for 3QFY21 due to the dilutive effect following a six-for-one share split which was completed on Nov 15, 2021.

Quarterly revenue rose 16.3% to RM161.9 million from RM139.25 million in 3QFY21, largely driven by higher revenue contribution from its container haulage, land transportation, warehousing and container depot, and freight forwarding business segments.

No comparative figures for 4QFY20 were available as this is its second interim financial report following its listing on the Main Market of Bursa Malaysia in December last year.

The group also declared an interim dividend of 1.8 sen per share for the financial year ended Dec 31, 2021, payable on March 24.

For the full year FY21, Swift Haulage’s net profit increased 21.3% to RM50.58 million from RM41.69 million in the previous year, while revenue grew 6.6% to RM592.76 million from RM555.84 million in FY20.

On prospects, Swift Haulage said it continues its focus on expanding its customer base domestically and regionally, with the improvement in warehouse capacity and at the same time improving cost management of its operations.

"Barring any unforeseen surprises, we are cautiously confident of our financial performance for the next financial year. We will continue to maintain our strategy to focus on servicing our customers with innovative logistics solutions and expand our logistics capacity, which includes merger and acquisition, to enhance shareholders' value," it said in a bourse filing on Thursday (Feb 24).

In a separate statement, Swift Haulage group chief executive officer Loo Yong Hui said it is on track to grow its warehousing capacity to 200,000 sq ft in Tebrau, Johor in 1Q 2022, 109,000 sq ft in Seberang Perai, Penang targeted in 2Q 2022 and 178,000 sq ft new warehouse in Port Klang Free Zone, Selangor scheduled to be completed in 3Q 2022.

"Overall, our warehouse capacity will increase by 46% by the end of FY22 as part of our growth journey,” he added.

Swift Haulage shares settled one sen or 1.27% lower at 78 sen on Thursday, bringing it a market capitalisation of RM589 million.