• 18m21 revenue stands at RM638.1 million
• M&As in recent years position Group as prominent regional express delivery services provider; to leverage on digital innovation and technology core competency to drive growth

Selangor, Malaysia, 25 February 2022 – GDEX Berhad (GDEX; the Group; 吉 运 速 递 , Bloomberg: GDX MK), a leading express delivery services provider, reported net profit of RM43.0 million for the 18-month financial period ended 31 December 2021 (18m21) on revenue of RM638.1 million.

There are no comparative financials due to the change in the Group’s financial year end from 30 June to 31 December. In the preceding financial period of twelve months ended 30 June 2020, the Group recorded net profit of RM18.5 million on revenue of RM364.0 million.

Meanwhile, for the three months and sixth quarter ended 31 December 2021 (6Q21), the Group registered net profit of RM7.4 million on revenue of RM104.7 million. Compared to the corresponding three months ended 31 December 2020, net profit rose 7.5% from RM6.9 million, despite a slight moderation in revenue by 4.3% from RM109.4 million.

“The last 18 months during the challenging times of the COVID-19 pandemic proved to us that our time-tested business model was still able to generate more than RM100 million in revenue every quarter with healthy profitability.

Yet, the pandemic also pointed to us that the business landscape continues to change and we cannot be complacent with our entrenched position, but must aim to leverage our core competency in digital innovation and technology to create our next growth story.”

Teong Teck Lean (“张泽链”)
Managing Director, GDEX Berhad

GDEX in recent years has adopted a merger and acquisition strategy to grow; first in 2018 to penetrate the Indonesia market with a 44.5% stake in PT Satria Antaran Prima Tbk (SAP Express), then in 2019 taking a 50% stake in Noi Bai Express and Trading Joint Stock Company (Netco) to enter the Vietnam market. The Group had also, earlier in 2016, acquired a 30% stake in software solutions provider Web Bytes Sdn Bhd which co-developed its logistics technology platforms.

The regional acquisitions not only diversified the Group’s revenue base, but also positioned GDEX to be a regional player.

Geographically, revenue from Malaysia amounted to RM544.8 million or 85.4% of the Group’s 18m21 revenue. Foreign revenue contribution from Vietnam stood at RM89.9 million or 14.1%, while Singapore made up the balance RM3.4 million or 0.5% of 18m21 revenue. Meanwhile, the Indonesia operations under SAP Express, contributed share of profit of associate amounting to RM7.9 million in 18m21.

The Group’s express delivery segment contributed RM580.4 million or 91.0% of 18m21 revenue, the logistics segment made up RM57.3 million or 9.0%, while the balance RM0.3 million was contributed by the property investment segment.

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