KUALA LUMPUR: GDEX Bhd reported a net profit of RM43mil for the 18-month financial period ended Dec 31, 2021 (18M21) on revenue of RM638.1mil.

       There are no comparative financials due to the change in the express delivery services provider’s financial year end to Dec 31 from June 30.

       In a statement, GDEX said in the preceding financial period of twelve months ended June 30, 2020, the group recorded a net profit of RM18.5mil on revenue of RM364mil.

       “The last 18 months during the challenging times of the Covid-19 pandemic proved to us that our time-tested business model was still able to generate more than RM100mil in revenue every quarter with healthy profitability,” managing director Teong Teck Lean said.

       “Yet, the pandemic also pointed to us that the business landscape continues to change and we cannot be complacent with our entrenched position but must aim to leverage our core competency in digital innovation and technology to create our next growth story,” he added.

       GDEX in recent years has adopted a merger and acquisition strategy to grow; first in 2018 to penetrate the Indonesia market with a 44.5% stake in PT Satria Antaran Prima Tbk (SAP Express), then in 2019 taking a 50% stake in Noi Bai Express and Trading Joint Stock Company (Netco) to enter the Vietnam market.

       The group had also, earlier in 2016, acquired a 30% stake in software solutions provider Web Bytes Sdn Bhd which co-developed its logistics technology platforms.

       “The regional acquisitions not only diversified the group’s revenue base, but also positioned GDEX to be a regional player,” it said.