Hextar Global posts strong start in FY24

KUALA LUMPUR: Building on positive momentum, Hextar Global Bhd is looking forward to growth in its agriculture segment in the coming quarters as it anticipates positive price movement in the sale of its herbicide products.

"Our growth, profitability and capital management strategies are driving this strengthened performance and earnings and we will continue to build our key growth engines in our core businesses," said group managing director Lee Chooi Keng in comments accompanying its results announcement.

In the first quarter ended March 31, 2024, Hextar Global posted a net profit of RM12.14mil, up from RM8.63mil in the previous-year quarter.

It attributed the result to the speciality chemicals segment and following the disposal of the consumer products segment in 2Q23.

Earnings per share rose to 0.31 sen from 0.22 sen previously.

Revenue, meanwhile, jumped to RM232.27mil from RM138.74mil in the previous year.

According to Hextar, its fruits segment contributed 52% to the revenue growth while the remaining 48% was delivered by the speciality chemicals segment.

"Hextar entered 2024 with positive momentum where our first quarter’s profit and revenue increased by more than half compared to last year.

"The impressive revenue contribution from our specialty chemicals segment demonstrated that we have built a resilient business with our strategic diversification, which gives us confidence in delivering sustained earnings growth," said Lee.