Tiong Nam’s pre-tax profit in logistics, warehousing segment jumps 400.2 pct
22 Jun 2020
Tiong Nam Logistics Holdings Bhd’s core logistics and warehousing services segment’s pre-tax profit jumped 400.2 per cent year-on-year (y-o-y) to RM10.8 million in the fourth quarter ended March 31, 2020 from RM2.2 million previously.
The integrated logistics company attributed the performance to improved utilisation of warehousing services and higher deliveries for essential products, namely food and beverage, other consumer goods, as well as medical equipment supplies.
“This helped to mitigate the impact from the overall decline in regional and domestic business activities stemming from the COVID-19 pandemic and the movement control order (MCO),” managing director Ong Yoong Nyock said in a statement today.
Ong noted that the group’s integrated business model and diversified warehousing network across Malaysia placed the company in a favourable position in overcoming the unprecedented challenges stemming from COVID-19 containment measures.
“Despite the improved performance in the logistics and warehousing services segment, we are mindful that now is not the time to be complacent and opine that the logistics sector will remain volatile on both regional and domestic fronts.
“There has been a surge in customer deliveries from our clientele following the implementation of the Conditional MCO on May 4, and our operations are capable of handling the increase in activity, which would help sustain our performance, going forward,” he added.