Hextar Industries Bhd (HIB) have submitted its application to the Securities Commission for the transfer to the Main Market of Bursa Malaysia Securities today (Nov 29).
In a statement today, its group managing director Benny Ang said the company hope to transfer in the first quarter of 2024.
Meanwhile, it also announced its financial results for third quarter ended 30 September 2023 (3Q2023), where it recorded a net profit of RM13.1 million on the back of approximately RM251 million in revenue.
For cumulative of 9 months, the company registered a cumulative consolidated revenue of RM771.5 million and net profit of RM54.8 million.
In 2022, the company changed its financial year end from 31 August to 31 December. As such, there is no comparative figures for the corresponding period of the previous financial year.
Commenting on the 3Q2023 results, Ang said HIB has delivered a higher volume of fertilisers to our customers during the period under review.
“However, our revenue was impacted by the lower average selling prices of fertilisers in 3Q2023. The softening of selling prices follows global markets which peaked in the 2022.
“In addition, our raw material cost was also impacted by the weakening of our ringgit as a majority of our raw materials are imported,” he added.
Meanwhile executive director Alex Sham said HIB is establishing partnerships with local distributors in neighbouring countries to drive the expansion of our export markets.
“Countries such as Indonesia, Thailand, Vietnam and Myanmar have robust agricultural sectors which account for a huge portion of their GDP. Our diverse range of fertilizers and customisation capabilities enable us provide comprehensive solutions for various types of crops.
“For the Industrial Products segment, margins are likely to improve in the coming quarter based on our current orders in hand. We are also excited with the prospect of our newly acquired subsidiary, Pacific Office Sdn Bhd,” said Sham.
Pacific Office, he added, has an impressive portfolio of more than 3,500 active customers nationwide.
“We believe that there are significant synergy which we can leverage on for the larger HIB group and we are working closely with Pacific office’s management team to explore such opportunities.”
The acquisition of Pacific Office was completed in October 2023 and is expected to contribute positively to HIB’s last quarter in 2023.
