OKOTOKS, Alta. — Mullen Group has posted record second quarter revenue of $290.8 million with a net income of $12.3 million after taking a $6.2 million loss in the same quarter last year.
Q2 revenue was up 35.6% year-over-year, driven by revenue gains, incremental revenue from acquisitions and fuel surcharge revenue resulting from higher fuel surcharges, the company reported.
Mullen’s oilfield services segment led the way, thanks to improved industry conditions. Drilling activity was up in western Canada over last year and oil sands development and infrastructure projects remained robust, the company reported.
Revenue also grew in Mullen’s trucking/logistics segment thanks largely to acquisitions, stronger demand for freight services related to capital investments in oil sands development and fuel surcharge revenue.
“The Alberta economy continued to show signs of growth driven in large part by higher commodity prices, particularly oil prices,” said Stephen Lockwood, president and co-CEO of Mullen Group. “This strength in oil prices translated into increased drilling activity on a year-over-year basis and benefited our businesses tied to drilling activity.”
Lockwood added “We also continue to see the increasing demand for our trucking/logistics businesses, which reflects the shrinking capacity the North American trucking industry is experiencing and reinforces our rationale for the Hi-Way 9 acquisition.”
For the six-month period ended June 30, Mullen’s net income rose 244.3% year-over-year to $60.6 million.
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