Samchem posts higher Q2 earnings 


  • Corporate News
  • Friday, 14 Aug 2020

KUALA LUMPUR: Chemical distributor Samchem Holdings Bhd said a favourable currency exchange rate and higher margin boosted its earnings in the second quarter ended June 30.

The improved margin was due to the surge in demand of products to the healthcare, household and personal care sectors.

Net profit jumped 37% to RM8.76mil, or 3.22 sen a share.

Revenue declined 15% to RM201mil as the movement control order (MCO) resulted in lower sales volume.

"The management has been seeing a recovery in affected sectors such as agriculture, construction related sectors, semiconductor,furniture and polyurethene foam products," Samchem commented on its outlook for the rest of the year.

"The management also sees opportunities for business growth, building on the back of the newly developed agencies and expansion of product portfolio during the first half of the year."

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