Business plan

Mullen Group’s 2022 business plan reflects optimism

Mullen Group predicts record revenue in 2022 and plans to reward its employees and shareholders.

In its 2022 business plan, the company said it anticipates other supply chain challenges, but feels well placed to overcome them.

“Recent events have highlighted how important the supply chain is to the smooth running of the economy, for the on-time delivery of everything, including the most basic items that consumers rely on every day. , as well as for price stability, ”said Murray Mullen, chief executive officer. in a press release.

(Photo: Greg Decker)

“By 2022, we anticipate that some of the disruptions that have affected the supply chain ecosystem will be resolved. However, the current reality is that the manufacturing, production and distribution of freight remains very tight, mainly due to robust demand. But that in itself does not explain the whole story of the supply chain. When high demand comes with lower productivity, due to issues such as new regulations, port bottlenecks, labor shortages, and production issues for many critical parts like computer chips for example, the economy suffers and inflationary pressures build up. “

He went on to say that the Mullen Group is “on the front lines of the supply chain” but has “persevered and adapted”. Mullen said that in 2022, employees and shareholders will be rewarded.

“Today we have a well-paying job for every employee who wants to work… our plan is to reward our employees with salary increases,” he said, while announcing an increase in the company’s dividend. and the early renewal of its current share buyback program. .

Mullen forecasts revenues of $ 1.6 billion to $ 1.7 billion in 2022 and has set a net capital budget of $ 70 million, excluding acquisitions. It will spend $ 60 million on trucks, trailers, specialized equipment and technology. It also devotes $ 10 million to sustainable development initiatives.

Mullen Group also said it will pursue strategic acquisitions, particularly in the consumer sector of the economy where it sees the best growth opportunities.