FM Global 3Q profit about doubles to RM11.91 mil, pays 1 sen dividend

TheEdge Thu, May 26, 2022 06:03pm - 2 months View Original


KUALA LUMPUR (May 26): FM Global Logistics Holdings Bhd’s net profit in the third quarter ended March 31 (3QFY22) almost doubled to RM11.91 million from RM6.05 million a year earlier, underpinned by lower impairment losses on receivables, and increase of business activities from both Malaysian and overseas operations.

Quarterly revenue jumped 50.42% to RM324.58 million from RM215.79 million, amid increased freight rates and business activities, its bourse filing showed.

Earnings per share rose to 2.13 sen from 1.08 sen. The group declared a second interim dividend of one sen per share, to be paid on July 28.

Compared to the immediate preceding quarter of 2QFY22, the group’s net profit improved 10.08% from RM10.82 million, as revenue rose 15.50% from RM281.04 million, again due to better freight rates and increased business activities.

For the full nine months ended March 31, the group’s net profit surged 78.97% to RM33.02 million from RM18.45 million, as revenue climbed 53.06% to RM819.14 million from RM535.16 million.

The group said it is confident that its business activities will continue to be robust, despite challenges and potential risks of uncertain global economic activities and supply chain disruptions.

“The group will continue to focus on expanding its customer base regionally and improve cost management via operational efficiencies,” it added.

Shares in FM Global ended 1.5 sen or 2.68% higher at 57.5 sen on Thursday (May 26), valuing the group at RM321.11 million.

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