( Yvonne Tan )
EXPRESS carrier GD Express Carrier Bhd (GDEX) plans to focus on growing its domestic market, which has been posting a compounded growth of 40% in turnover in the last three years, said managing director Teong Teck Lean.
“Only when domestic growth starts to slow, will we go international,” he told reporters after the company listing on the Mesdaq market in Kuala Lumpur yesterday.
Teong said when the time came, the company would expand within the region first.
GDEX is a provider of express services (24-hour delivery domestic), diplomatic services (same day express), bulk service, customised logistics solution services and freight services.
Its shares opened at 32.5 sen for a 2.5 sen gain over its initial public offer price (IPO) of 30 sen. The counter touched a high of 45 sen before closing at 40 sen on volume of 21.1 million shares.
On the opening price, Teong said it was a reflection of investors’ confidence in the company.
The IPO proceeds of RM10.5mil will be utilised to finance GDEX’s infrastructure and network upgrades and for working capital.
GDEX, which expects to maintain the strong growth trend charted in the past few years in the current year ending June 30, is targeting group turnover to grow 46% to RM43mil.
Pre-tax profit is expected to increase 102% to RM5.6mil and after-tax profit by 125% to RM3.6mil.
On the company’s continued focus, chairman Datuk Capt Ahmad Sufian said GDEX would continue to focus on developing its core strength of providing “quality and trusted delivery service to our customers.”