Freight Management rises on higher cargo rates

By ANIS HAZIM / Pic BERNAMA

FREIGHT Management Holdings Bhd’s (FMH) net profit for the fourth quarter ended June 30, 2021 (4Q21), rose 672% to RM8.58 million from RM1.11 million in 4Q20, due to higher freight rates and business activities for the current quarter. 

In a filing to Bursa Malaysia yesterday, the freight services company announced its revenue grew 80% to RM228.2 million compared to RM127 million in 4Q20. 

The company registered an increase in its earnings per share (EPS) of 1.54 sen compared to EPS of two sen in the same quarter last year. 

“As compared to 4Q20, the company’s profit before tax increased from RM3.3 million to RM13.5 million or 313% higher due to a significant improvement in performance in both Malaysian and overseas operations,” FMH said in its financial results. 

On current year prospects, the company is confident of a positive performance but remains mindful of the challenges and potential downside risks posed by the Covid-19 pandemic. 

“Notwithstanding the challenges, the company remains focused on the core businesses and would continue to expand our customer base regionally and improve our cost management via operational efficiencies,” it said. 

FMH Group MD Chew Chong Keat said all FMH business segments performed strongly and recorded good growth in revenue and profit, particularly sea freight and land freight businesses. 

“Besides our core Malaysian operations, our international businesses also contributed strongly, with the key markets delivering significantly higher profits, such as Indonesia, Vietnam, Thailand and Australia,” he added. 

FMH declared a third interim single-tier dividend of one sen per share, which will be paid in October 2021. 

FMH’s share price was up 74 sen at yesterday’s close. 

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