Samchem 3Q net profit leaps 79.5% on higher sales volume


KUALA LUMPUR: Samchem Holdings Bhd has posted a 79.5% year-on-year jump in net profit to RM9.51mil in the third quarter ended Sept 30, 2020, on higher sales volume.

Revenue rose 9% year to RM288.6mil as compared to RM264.6mil in the previous comparative quarter on the back of the improved sales and despite lower chemical prices in 2020, it said in a statement issued today.

For the quarter, Samchem declared a second interim dividend of 1.2 sen per share, bringing year-to-date payout to 2.2 sen per share.

According to Samchem CEO Ng Thin Poh, 56% of the group's revenue in the quarter was derived from Vietnam and Indonesia.

"We are beginning to see further traction in these countries supported by growing middle income population and rapid industrialization.

"We are confident of growing our presence both domestically and regionally as we increase our products portfolio and expand into other synergistic areas of the chemicals supply chain to strengthen our position in the market," he said.
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