Ancom Nylex Berhad announced its first quarter financial results posting a revenue of RM487.4 million as compared to
the RM549.8 million recorded in the corresponding quarter last year. The group said it was primarily due to lower contributions from both the agricultural chemicals and industrial chemicals divisions.
Nevertheless, the net profit attributable to the owners of the parent for the quarter improved by 3.8% year-on year to RM20.8 million from RM20 million previously. This can be attributed to higher segmental profit recorded in the Group’s Agrichem segment, where its earnings before interest and tax grew by 15.9% YoY to RM26.9 million on the back of higher profit margins across the major product range in 1QFY24.
On a quarter-on-quarter (“QoQ”) basis, Ancom Nylex’s revenue was up 1.9% to RM487.4 million from RM478.2 million in 4QFY23, while net profit grew 14.4% to RM20.8 million from RM18.2 million earlier.
