Swift Haulage announced its second quarter results recording a revenue of RM172.9 million, gross profit of RM45.9 million and profit before tax of RM11.1 million while net profit came in at RM8.3 million which is slightly lower compared to the previous year's quarter of RM9.7 million.

The logistics company said the revenue was primarily contributed by container haulage (RM67.6 million) and land transportation (RM62.6 million), collectively amounting to 75.3% of total Group revenue. Other business segments such as warehousing and container depot and freight forwarding contributed RM28 million and RM14.7 million respectively to 2QFY2024 revenue.

For the financial period-to-date revenue was at RM352.2 million, gross profit of RM97.6 million and PBT of RM35.3 million, net profit was RM29 million which is higher compared to 1HFY23 of RM19 million.

The group added that the revenue was mainly contributed by container haulage (RM137.1 million) and land transportation (RM129.7 million). These key segments collectively made up 75.8% total Group revenue. Other segments such as warehousing and container depot and freight forwarding business contributed RM55.2 million and RM30.0 million respectively to 1HFY2024 revenue.

The improved revenue it said was mainly driven by higher revenue contribution from container haulage, additional revenue generated from the increase in fleet capacity for the land transportation segment, as well as the expansion of the auto logistics warehouse, and an increase in the depot business. Gross profit decreased marginally from RM98.7 million, whilst PBT rose by 42.4% (RM10.5 million) from RM24.8 million. This was mainly boosted by higher other income generated from the disposal of a 12.5% stake in Global Vision Logistics Sdn Bhd ("GVL").