Velogic profits up by 25% despite supply chain disruptions

The team at Velogic, the logistics arm of the Rogers Group, has all reasons to smile: the company has shown notable resilience for the last six months ended 31 December 2021.

In its Abridged Unaudited Group Financial Statements just released, Velogic boasts an increase of 27.4% to Rs2.45 billion (H1 2020: Rs 1.99 billion). Profit After Tax (PAT) rose by 25.0% to reach Rs 114.1million (H1 2020: Rs 91.3 million).

Despite a drop in margin, Freight Forwarding PAT improved to Rs 62.6 million (H1 2020: Rs9.8m) on the back of an increase in Air Freight volumes across all geographies and also in the courier activity with growth of e-commerce.

According to Chief Executive Vishal Nunkoo, the solid performance of Velogic in recent years allows it today to show resilience in a context marked by global uncertainties and disruptions in the chain of logistics.

“The trend observed makes us confident that we will end this financial year with better profitability than last year.”

The Board of Velogic declared an interim dividend of Rs 0.29 per share on 10 February 2022.