PETALING JAYA: Logistics solutions provider CJ Century Logistics Holdings Bhd’s net profit for the third quarter ended Sept 30, 2022 (Q3’22) dropped 42.5% to RM6.36 million from RM11.06 million in the same quarter last year.
The decline was attributed to higher direct operating expenses and absence of gain for the quarter under review. In the previous year’s corresponding quarter, it reaped an RM8 million gain from disposal of its loss-making courier services business.
Revenue for the quarter rose 22.5% to RM230.16 million from RM187.82 million in the same period last year mainly due to the higher volumes handled by both total logistics services and procurement logistics services segments.
Net profit for the nine months surged 36-fold year-on-year to RM22.9 million from RM633,000 driven by its total logistics services segment which accounted for 76.4% of the group’s revenue.
Its total group revenue for the nine-month period increased 13.6% to RM725.89 million from RM638.85 million.
CEO Steven Teow said on a year-on-year basis, all segments have performed better due to the easing of Covid-19 restrictions and an overall recovery of business activities.
“I am confident that demand for our services will remain strong and expect to continue improving our financial performance in the foreseeable future,” he shared in a statement.
During the year, CJ Century invested in a new haulage management system to improve distribution management and commenced the installation of solar panels in the headquarters at the Bukit Raja distribution centre.
“We will continue to manage and sustainably grow CJ Century, initiating plans such as the expansion of solar panels installation and being certified for ISO 14001:2019 Environmental Management Systems across our self-owned premises on a progressive basis,” Teow said.