KUALA LUMPUR: Ancom Nylex Bhd
’s net profit more than doubled to RM20.03mil in the first quarter ended Aug 31, on the back of increased revenue contribution from almost all business segments.
In comparison, the chemical products manufacturer reported a net profit of RM9.04mil in the previous corresponding quarter.
Ancom’s revenue also increased significantly by 35.85% year-on-year (y-o-y) to RM549.81mil.
The biggest contributor, the industrial chemicals division, saw its revenue rise by 32.68% y-o-y to RM343.72mil due to higher selling prices.
The second largest segment - agricultural chemicals - recorded a 40.55% y-o-y growth in revenue to RM162.31mil, driven by stronger sales volume, especially in the Asean region.
In tandem with the improved profitability, Ancom’s earnings per share for the first quarter increased to 2.31 sen.
Looking ahead, the group expects to perform satisfactorily in the current financial year, although it foresees headwinds in the form of high inflation, increasing financing costs and supply chain disruptions.
“The management will continue to be vigilant in managing these risks and continue to explore and expand opportunities for our business,” it said.
