Samchem Holdings Optimistic For Lubricant Market, After A Promising Quarter

Lubricants distributor Samchem Holdings Bhd saw revenue going up 10% to RM364.51 million for Q1 2022 compared to which RM330.70 million achieved in the corresponding period of the preceding year.

The increase was due to a higher average selling price in the current quarter under review compared to the corresponding quarter. Profit after tax and minority interest during the quarter increased by 3% to RM19.59 million as compared to 1Q2021. For the first quarter of 2022, the Group has declared a first interim single-tier dividend of 1.0 sen per share.

Chief Executive Officer of Samchem, Mr. Ng Thin Poh commented: “We achieved another set of commendable results, starting out 2022 on a strong footing as outlook and optimism recover with the re-opening of economic sectors. We expect
improvements to continue as the World Bank has forecasted growth rates of 5.5% for Malaysia and Vietnam and 5.1% for Indonesia.

Our comprehensive chemicals portfolio is used in every sector of the economy, mitigating dependency on a particular industry and our exposure to multiple markets also shelter us from the economic cycles and conditions of a particular country. I am confident that we are on track to continue delivering growth in 2022. We have exciting expansion plans in Malaysia and Vietnam which when completed this year, will further strengthen our position as an integrated supply chain distributor.”

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