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Q3 2022 performance Bursa Logistics Companies

Period : 2022

Date : 3rd Dec 2022

Researcher : Esther Low

2022 YTD for Bursa listed logistics companies in 3PL category

Year to date for 2022, Tasco, Harbour Link and Tiong Nam have experienced an increase in

revenue compared to the previous two years. Tasco’s revenue has surge by 56.6%

compared to the preceding quarter, RM 493.9 million in Q3 22 vs RM 315.5 million in Q3

2021. The increased in revenue is mainly contributed from two segments which are the

International Business Solutions (IBS) and the Domestic Business Solutions (DBS). The air

freight forwarding and ocean freight forwarding service is the primary booster for the

increase in revenue within the IBS segment.

Meanwhile within the DBS segment, the contract logistics division has experienced an

increase in demand (from RM 102.3 million to RM 184 million) for custom clearance and

haulage business by customers. The recently expanded cold supply chain division has also

contributed to the increase by 21.5 % (from RM 35.2 million to RM 42.7 million).

Harbour-Link recorded a revenue of RM 203 million in Q1 2022, RM 295 million in Q2

2022 and RM 264 million in Q3 2022. Comparing quarter to quarter for preceding year, the

company has managed to record an average increase in revenue by 52% (up 32.68% vs Q1

2021, 56.08% vs Q2 2021, 66% vs Q3 2021).

The company reported a boost in shipping and marine revenue where it recorded a 55%

increase in segmental revenue from RM 180.58 million in Q3 2022 versus RM 64 million in

Q3 2021. Its integrated logistics segment recorded an increase as well by RM 22.78 million

to RM 70.59 million compared to the preceding financial period ended 30 September 2021

of RM 47.81 million. Overall, the company has benefited from the increased demand for

exported and imported goods from the global economy opening up post COVID.

Meanwhile for Tiong Nam, the increase in revenue is marginal on average 6.95% compared

to preceding year. Logistics and warehousing services revenue has contributed to the

increase in revenue as the segment recorded RM 172.5 million in Q3 2022 up 5.3%

compared to RM 163.8 million in Q3 2021. 0The boost in revenue was mainly due to new

total logistics customers and business expansion with existing customers.

2022 YTD for Bursa listed logistics companies in maritime category

For the companies listed in the maritime category, Straits Inter Logistics (now known as

Straits Energy Resources) have shown an exponential growth in revenue. The group

diversified into oil trading and bunkering business segment in 2015 and the diversification

has proven fruitful as the group’s revenue increased by RM 563.1 million from RM 341.2

million in Q3 2021 to RM 906.3 million in Q3 2022. The 165% increase was mainly

contributed by their oil bunkering and shipping related services as the cargo volume sold

has increased by approximately 80% according to their Q3 financial report.

Shin Yang Shipping Corporation experienced an increase in revenue as well, the company

recorded an RM 247 million revenue in Q3 2022, up 36% from Q3 2021 (RM 181 million).

However, upon drilling down into the segmental revenue, the company experienced a

decrease in revenue in their ship building and ship repair. For the current quarter, the

segment recorded an RM 7.7 million revenue, this is a 62.2% decrease compared to RM20.5 million in Q3 2021. This is supplemented by a 13% increase in their service provider

segment where revenue grew from RM 13.8 million to RM 16 million.

Marine & General Berhad experienced a similar trend in revenue increase where it grew

from RM 45 million in Q3 2021 to RM 75 million in Q3 2022. However, the general increase

of revenue across the maritime companies was not seen in Malaysian Bulk Carriers where

revenue actually decreased from RM 59 million in Q3 2021 to RM 38 million in Q3 2022.

According to Marine & General Berhad, the group reported a lower revenue due to slight

reduction in charter rates as the drybulk market softened since beginning of Q3 2022.

2022 YTD for Bursa listed logistics companies in ecommerce category

For the ecommerce category, operating in a competitive environment where new last mile

delivery startups fight for market share through price wars. Pos Malaysia has recorded a

revenue of RM 492 million for Q3 2022, down 8.2% compared to Q3 2021. GD Express

recorded a similar decrease in revenue as well, it reported a Q3 2021 revenue of RM 103

million but has decreased by RM 8 million to RM 95 million in Q3 2022. According to GD

Express, their courier segment remains weak due to market sentiment, lower demand and

stiff competition. Their logistics services experienced a decline as well due to lower

demand for warehousing and logistics services.

Pos Malaysia group also experienced a drop in their courier business where overall parcel

volume from contract customers have decreased. The group’s logistics segment registered

a lower revenue as well, it cited that the export ban imposed by Indonesian government in

January 2022 has also adversely impacted the revenue of its Marine business. However, its

aviation segment was able to contribute a higher revenue of RM 189.7 million with a

turnaround profit before tax of RM 6.3 million mainly due to opening of borders with

increased number of flights resulting in higher cargo tonnage handled.

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