(formerly Freight Management Holdings Bhd) posted a 77.6% year-on-year (y-o-y) increase in pre-tax profit to RM16.4mil for the second quarter of its financial year ending June 30, 2022.This was achieved on a 64.6% y-o-y rise in revenue to RM281mil.
Net profit surged 62.8% to RM10.8mil from RM6.6mil in the previous corresponding quarter.
For the cumulative six-month period to Dec 31, 2021, FM Global reported revenue of RM494.6mil, representing a 54.8% y-o-y growth.
Pre-tax profit for the period was 72.2% higher y-o-y at RM30.7mil while net profit grew 70.2% y-o-y to RM21.1mil.
Net earnings per share for the period was 3.78 sen.
“FM Global has delivered another quarter of strong performance as we continue a positive trend that started in the first quarter of financial year ended June 2021.
“Notably, most of our business segments recorded healthy double-digit profit growth,” managing director Chew Chong Keat said in a statement.
He said that in particular, all three of its freight businesses (sea, land and air) posted more than 20% growth in profits in the second quarter of financial year ending June 2022, as it capitalise on the buoyant demand for freight services.
“Encouragingly, the total volume handled by FM Global has also been progressively rising, in line with the overall recovery in global trade,” he added.
A first interim single-tier dividend of one sen per share was declared and will be paid on May 19, 2022.