"This is a conservative target. We are actually expecting much more ... we are excited about this year," its managing director Steven Teow Choo Hing told Business Times in an interview.
The group made a record net profit of RM20.9 million last year on revenue of RM210.9 million, amid declines in trade growth caused by the global economic slowdown.
While the group only managed to record RM5 million in net profit for the first half of 2009, it made a roaring comeback in the second half, by bagging new customers and taking proactive measures to minimise losses.
Teow said besides plans to increase its fleet of trucks, the group is also looking to acquire a company with air and freight operations in the region as part of its growth plan.
He said it is now studying the profiles of a few local and foreign companies, but declined to name them.
"We are not into buying people out, we like to retain a successful business model," Teow added.
The group plans to add 30 trucks in the next two months to its existing fleet, bringing the total number of company-owned trucks to 180.
About 60 per cent of the group's revenue comes from the total logistics and supply chain management division, 30 per cent from oil and gas logistics and the rest from procurement and assembly services.
Century Logistics is aspiring to be a RM100 million net cash company in one to two years.
It currently has RM33 million of cash in its coffers.
Teow said a medium-term plan of the group is to relocate its headquarters to Shah Alam, Selangor, while maintaining an operations unit in its existing premise in Port Klang.
He said the move would help in improving the group's visibility and branding.
By Presenna Nambiar
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