PETALING JAYA: Swift Haulage Bhd remains focused on expanding its warehouse capacity in both the northern and central regions of Malaysia, citing growing demand for warehousing services, despite the recent slowdown in trade activities.

       The group, which saw a huge jump in its net profit for the third quarter ended Sept 30, 2023 (3Q23), said in a statement that it had observed an increase in the demand for warehousing services and maintained a positive view of this sector’s potential.

       “We are resolute in our intentions to expand warehouse capacity in both the northern and central regions, following the established plan,” Swift Haulage said in a statement.

       “Our increased stake in Global Vision Logistics Sdn Bhd to 42.5%, an associate company which will establish Asean’s largest logistics hubs in Shah Alam with phase 1 operational in the fourth quarter of2025, further underpins our warehouse growth strategy,” it added.

       Swift Haulage’s 3Q23 net profit more than doubled to RM28.4mil from RM11.7mil in 3Q22. This was in tandem with the increase in its revenue to RM168mil from RM159.3mil.

       “The 3Q23 revenue is primarily contributed by container haulage of RM67.1mil and land transportation of RM60mil which represents 75.6% of our group’s revenue,” it said.

       Its earnings per share (EPS) almost tripled to 3.22 sen from 1.32 sen previously.

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       For the nine months to September 2023, its net profit rose 23% to RM48.2mil from RM39.2mil previously, while its revenue rose 3.8% to RM497.9mil from RM479.7mil. Its cumulative EPS rose to 5.48 sen from 4.42 sen.