Wiseway (ASX:WWG) buzzed on ASX today. Here’s why

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Wiseway (ASX:WWG) buzzed on ASX today. Here’s why

Wiseway Group, road transportation, Wiseway Shanghai International Logistics Company Limited, International Air Transport Association, cargo transportation 
Image source: © Nastudio62 | Megapixl.com

Highlights

  • Wiseway reveals Group’s Revenue (unaudited) rose by 19% to AU$46.5 million in Q2 FY22 against AU$38.7 million in Q2 FY21.
  • The growth was driven by rise in business segments such as - road transportation, imports and distribution and perishables.
  • Wiseway is optimistic that the freight and logistics industry growth will continue despite an increase in Omicron cases.

ASX-listed Australia-based Company, which provides logistics services such as freight forwarding, customs clearance, and transportation, Wiseway Group Limited (ASX:WWG) shared its trading update for the three months ended 31 December 2021 (Q2 FY22). The Company today stated that the Group’s Revenue (unaudited) rose by 19% to AU$46.5 million in Q2 FY22 against AU$38.7 million in Q2 FY21. According to the Company, this growth was driven by significant growth in:

  • Road transportation – rose 89% to AU$1.7 million against AU$0.9 million in the previous corresponding period (pcp).
  • Imports and distribution – up 68% to AU$4.2 million from AU$2.5 million compared to pcp.
  • Perishables – grew 62% to AU$11.2 million from AU$6.9 million compared to pcp.

Today, the stock closed 12% closer higher on ASX at AU$0.280 per share on ASX.

Update:

Today, the Company announced that its completely-owned subsidiary, Wiseway Shanghai International Logistics Company Limited (Wiseway China), has received international certification from the International Air Transport Association (IATA). This emboldens the Company’s long-standing strategic industry relationships and helps it deal directly with leading international airlines to address their expanding cargo transportation needs across the Wiseway network globally.

Read More: Leigh and Creek (ASX:LCK) signs MoU for acquiring Mulpun

Outlook:

Despite ongoing challenges in the operating environment globally, due to surging cases of Omicron variant of COVID-19, Wiseway is optimistic that the freight and logistics industry growth is likely to continue as the pressures on global supply chains begin to ease in the future. The Company has established robust resource planning capabilities and risk management practices which encourages the business growth momentum and successful execution of its global diversification strategy.

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