PETALING JAYA: Ancom Bhd
saw its net profit almost double to RM12.08mil for the second quarter (Q2) ended Nov 30, 2021 from RM6.19mil in the corresponding quarter a year ago in tandem with higher revenue.
During the quarter in review, the company’s revenue rose 49.2% to RM532.91mil from RM357.27mil in the corresponding quarter a year ago, and its earnings per share rose to 4.92 sen from 2.59 sen.
Commenting on its respective business divisions, Ancom said its agricultural chemicals division reported higher revenue of RM133.7mil for the current financial quarter compared with RM79.9mil in the corresponding quarter last year due to higher export sales.
The segment’s profit improved to RM16.5mil in the current financial quarter compared with RM13.1mil in the corresponding quarter last year in line with higher revenue and strong demand for its products, it said.Meanwhile, its industrial chemicals division posted a higher revenue of RM354.4mil, which is an increase of 49.4% compared with RM237.2mil in the corresponding quarter last year from higher sales in Malaysia and Singapore as economic restrictions were eased, especially in Malaysia.
“Segmental profit improved to RM13.9mil for the current quarter compared with RM6mil in the corresponding quarter last year, driven by higher average profit margins earnings,” the company said.
Ancom said its logistics division recorded higher revenue of RM10.7mil compared with RM9.1mil in the corresponding quarter last year.
“Despite higher revenue, the division reported lower segmental profit of RM1.1mil compared RM1.9mil in the corresponding quarter last year, as the division’s earnings performance was affected by higher bunker prices and higher foreign exchange loss,” it said.
Ancom also said its polymer division achieved higher revenues of RM26mil for the current financial quarter, an increase of 16.1% from RM22.4mil in the corresponding quarter last year.
This is due to higher contribution from the manufacturing plant in Surabaya, Indonesia, it said.
The division had recorded a lower segmental profit of RM2mil compared with RM2.2mil in the corresponding quarter last year due to lower products margin as a result of higher raw material prices, it added.
Moving forward, the company said that it should perform satisfactory for the current financial year.
“The board will continue to explore opportunities and build new capabilities to strengthen the group’s businesses and be more resilient to face future challenges,” Ancom said.
