Hextar Industries registered a cumulative consolidated revenue of RM315 million and profit after tax of RM12.8 million for the financial period ended 30 November 2022. The Company has recently changed its financial year end from 31 August to 31 December. As such, the interim financial report covers a fifteen-month period from 1 September 2021 to 30 November 2022.
The group added there are no comparative figures for this fifteen-month period. As the acquisition of Hextar Fertilizers Limited Group was only completed in December 2022, the financial results of the HFL Group have not been consolidated in the current quarters financial performance.
For the fifth quarter ended 30 November 2022, the Company posted consolidated revenue of RM57.2 million (Q4 FY2022: RM61.4 million) and a net profit of RM4 million, higher than the net profit reported in the preceding quarter by approximately 30%.
Commenting on its 5QFY2022 result, the Group Managing Director Mr Benny Ang said “Despite lower sales from the Fertilisers division and trading of industrial batteries due to the monsoon season, the Group reported a higher net profit as compared to the preceding quarter mainly due to better profit margins from our products’ sales mix. Our gross profit margin has improved from 14% to 18% as compared to preceding quarter.”
Mr Benny added that “Following the completion of the acquisition of the HFL Group in December 2022, we will be able to consolidate its results in the last quarter of the financial period ended 31 December 2022. With the merging of the new fertiliser group, our annual capacity of compound fertilisers will increase eight-fold to 679,000 metric tonnes. This will support our strategy to expand our core fertiliser business nationwide.
We are looking forward to our financial performance in the coming quarters and we are very excited about the prospects of the HIB Group he added.
