Hextar Still Faces Challenges, Q1 Profit Drops 75% To RM4.7 Million

HEXTAR Industries registered a consolidated revenue of RM238 million for the first quarter ended 31 March 2024 with a
consolidated net profit of RM4.7 million. This was evidently lower compared to Q1FY2023 where total revenue stood at RM269 million while profit was RM20 million.

The group has stated that the consolidated revenue of RM238 million represents a quarter on quarter growth of 43%, as compared to the preceding quarter’s revenue of RM166 million which it said was driven principally by the recovery in deliveries of fertilisers following the end of the monsoon season.

On a QoQ basis, the group’s RM4.7 million net profit was an improvement to the preceding quarter’s loss of RM12.7 million which it said was due to the one-off goodwill impairment of RM14.4 million.

Commenting on the 1QFY2024 results, Mr. Benny Ang, the Group Managing Director said that “sales volume for fertilisers is making a satisfactory recovery from the preceding quarter which had been affected by the monsoon season. However, the softening of fertiliser prices and geopolitical issues in the global market remains a major concern for the current year’s performance. Having said that, our Industrial and Consumer Division is making a strong comeback with revenue increasing by almost 3 times to RM42.3 million from RM14.5 million achieved in the corresponding quarter of financial year 2023.

Regarding the application to the Securities Commission Malaysia (“SC”) in relation to the transfer to the Main Market of Bursa Malaysia Securities Berhad, Mr Benny informed that “the application is progressing smoothly. However, as of today, the SC’s decision on the application is still pending.

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