Ancom Nylex Records A Soaring 92.3% Net Profit For 1H

Ancom Nylex Berhad for the first half period under review delivered revenue of RM1.08 billion, which represented an increase of 15.3% year-on-year from RM937.6 million a year ago. Meanwhile, on bottom-line performance, the group recorded the highest-ever first-half profit after tax and non-controlling interest with net profit soaring 92.2% YoY to RM40.6 million from RM21.1 million in the previous year’s corresponding period.

Segmentally, both the Industrial Chemicals and Agricultural Chemicals divisions registered a double-digit improvement of 10.9% YoY and 22.1% YoY to RM680.2 million and RM304.2 million respectively. At the earnings before interest and tax level, Agrichem remained the primary profit driver with an EBIT contribution of RM44.5 million in 1HFY23. This was a jump of 36.1% YoY from RM32.7 million in 1HFY22.

Managing Director and Group CEO of Ancom Nylex Berhad, Mr. Lee Cheun Wei commenting on the result said ” Our Agrichem capacity expansion continues to make good headway. We are in the midst of installing new reactors at our Shah Alam plant to increase capacity for MSMA related products, which is expected to be completed soon. This would enable us to capitalize on the surging demand resulting from the ban of a close substitute, paraquat, in Thailand.”

Moving forward, the Group is undertaking a cautious approach with full support from its technical partners and vendors. All in all, it continues to be excited by its multi-faceted expansion plans while being cognizant of the macroeconomic environmen.

The Group’s 2QFY23 revenue stood at RM531.3 million, which remained broadly similar to the previous year’s corresponding quarter of RM532.9 million. On the other hand, net profit for the current quarter under review rose 70.2% YoY to RM20.6 million as compared to RM12.1 million a year ago. It is noteworthy to mention that this is Ancom Nylex’s successive record-breaking quarterly core net profit performance.

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