Over the course of the financial year, Tasco has expanded its CSC business to East Malaysia via subsidiary Tasco Yusen Gold Cold Sdn Bhd’s joint acquisition of Hypercold Logistics Sdn Bhd with Swift Integrated Logistics Sdn Bhd.
KUCHING: As the fight against Covid-19 continues, Tasco Bhd (Tasco) remains committed to doing its part to support the nation’s logistics and retail sector through several strategic initiatives.
Tasco non-independent executive chairman Lee Check Poh said in Tasco’s Annual Report 2021 said the group was focusing its efforts on delivering quality and value to customers in the market even through tough times and stagnant markets.
“During the various phases of the MCO, many businesses in Malaysia were forced to shut down their physical businesses. Tasco helped our customers push their products into the market via our e-commerce channels so they could continue to generate sales in spite of the lockdown,” he highlighted.
“By being agile and adaptive, the group ensured that our operations were still effective and relevant in the new normal. We also maximised our resources to support our customers and to strengthen long-term relationships with them.
“These measures, as well as our strong positioning as an essential services provider, helped us to quickly gain traction once again even as other sectors of the economy contended with the effects of the pandemic and ensuing lockdowns.”
Over the course of the financial year, Tasco has expanded its CSC business to East Malaysia via subsidiary Tasco Yusen Gold Cold Sdn Bhd’s (TYGC) joint acquisition of Hypercold Logistics Sdn Bhd (Hypercold) with Swift Integrated Logistics Sdn Bhd.
TYGC’s 50 per cent stake in the Sabah-based cold chain logistics company was funded via internally generated funds.
As the largest cold chain warehouse in Sabah, Hypercold boasts an operational track record of 10 years as well as a 3,000-pallet facility and seven temperature-controlled trucks.
The acquisition of Hypercold, which was brought to a close on 16 June 2021, marked the group’s entry into the CSC sector in East Malaysia market and bodes well for the subsequent expansion of our offerings in this region.
“Aside from our cold chain business, we will also continue to further secure our foothold in the dry and cold food retail logistics services as well as in the trading, e-commerce, and pharmaceutical segments,” Lee added.
“As we move into FY22, we are cautiously optimistic of our prospects even as the nation and the economy continue to battle the numerous effects of the Covid-19 pandemic.”
Despite the uncertain economic backdrop, Tasco’s first quarter results for FYE 2022 saw us announcing that both our IBS and DBS segments had registered y-o-y uplifted revenues and profits, reflecting the broad-based recovery of business activities amidst the Covid-19 pandemic.
“Barring any unforeseen developments, we are cautiously optimistic that the IBS and DBS businesses will continue to sustain their resilient performances for the rest of FY22,” Lee continued.
“Our business model has thus far been resilient in the face of the pandemic and we are confident that post-pandemic economic recovery too will augur well for Tasco as the logistics business thrives on economic activity and international trade.
“While we have to some extent managed to capitalise on pandemic-driven circumstances that have been in our favour, however, our business success is very much owing to our strong business fundamentals, the insightful strategies we have brought into play, as well as our prudent management practices.
“As we continue to leverage on all these, the group will continue to work towards delivering another commendable performance that will serve to reinforce Tasco’s stance as a reputable and profitable industry player.”
Moving forward, Tasco will continue to exercise a prudent outlook in terms of venturing into new areas of opportunity.
“We will focus our efforts on ventures that will work well and make sense for our business at this point in time. We will also continue to closely monitor and improve our operational efficiency so as to keep our operational costs under control be these direct costs or other general operational overheads.
“By consolidating our resources, the board aims to strengthen our market position as well as prepare the group for any further uncertainties that the pandemic might pose.
“The group will also continue to play its part in supporting the domestic economy through its numerous offerings and intuitive customer support measures. Through our innovative logistic solutions, we aim to help our customers thrive, even as businesses adjust to the new normal.”