OKOTOKS, Alta. – Mullen Group grew third quarter net income by 48% to $26 million on record trucking/logistics segment revenue of $190.7 million.
Mullen Group revenue was up 9.8% to $283.9 million. The increase in trucking/logistics revenue was largely due to about $12.5 million in incremental revenue related to recent acquisitions of Caneda Transport, Kel-West Carriers, RDK Transportation, Golden Transport, E.C.R. Enterprises, and Motrux, the company reported. It is also seeing greater demand for freight services in Western Canada.
Improved drilling activity also provided a boost to the oilfield services segment.
“Overall I was pleased with our performance last quarter and the progress we have made in transitioning our organization for the future,” said chairman and CEO Murray Mullen.
“Our business units did a great job managing through what I can only describe as very competitive markets. We completed three acquisitions, all of which are smaller in size but are excellent fits in our organization, a meaningful contributor to the 10% year-over-year revenue growth in the quarter. Our operating profitability, while down from last year, was still respectable given that there were no new capital projects of size in 2017. We continued to make progress on the build out and development of Moveitonline, our proprietary online logistics marketplace, which included a strategic investment in Trakopolis IoT Corp., a Calgary, Alberta based technology company. And we deleveraged the balance sheet.”