Hextar Industries registered a cumulative consolidated revenue of RM1.29 billion, profit before tax of RM113.7 million and
profit after tax of RM98 million for the 16 months of 2022.
This follows the consolidation of Hextar Fertilizers Limited and its subsidiary companies into the HIB Group in the current quarter under review. HIB has adopted the merger accounting method for the consolidation of the HFL Group which allows for the financial results of the HFL Group to be consolidated retrospectively. HIB has changed its financial year end from 31 August to 31 December. As such, this interim financial report covers a 16-month period from 1 September 2021 to 31 December.
Mr Alex Sham Weng Kong, the Executive Director, further added that “ HFL Group would already meet the profit guarantee sum provided by the vendors of RM94 million which was meant to be achieved over financial years 2022 and 2023. The encouraging results achieved by the HFL Group in 2022 give us confidence that the acquisition of the HFL Group was the right strategy for the HIB Group.
The Company has proposed an interim single-tier dividend of 1 sen per ordinary share for FPE2022 amounting to approximately RM27.5 million.
