Report: Ancom Nylex's 1Q net profit rises 3.85pc to RM20.8m
KUALA LUMPUR, October 17, 2023 — Integrated chemicals group Ancom Nylex Bhd's net profit rose to 3.85 per cent for the first quarter ended August 31, 2024 (1QFY2024), due to major contributions from its agricultural chemicals division and lower distribution and administrative expenses.
According to a report in The Edge Malaysia, the company's net profit surged from RM20.03 million in the previous year to RM20.80 million.
The earnings per share dropped from 2.31 sen to 2.20 sen, as revealed in a bourse filing.
The quarterly revenue for Ancom Nylex fell 11.36 per cent from RM549.81 million to RM487.36 million.
According to the news portal, the drop in revenue was primarily attributed to lower contributions from the logistics, agriculture, and industrial chemicals segments.
Quarter-on-quarter, net profit came in 14.42 per cent higher than the RM18.18 million registered for 4QFY2023, while revenue inched up 1.90 per cent from RM478.25 million.
The revenue also saw a slight uptick of 1.90 per cent from RM478.25 million.
Ancom Nylex said the El Nino weather phenomenon is expected to persist into 2024, and the global economic situation remains uncertain due to ongoing geopolitical tensions and tighter monetary policy.
"These factors may affect the businesses of the group for the remainder of the financial year. The board will continue to be vigilant in managing these risks, and continue to explore and expand opportunities for our businesses," the company was quoted as saying.
As of Tuesday's closing, Ancom Nylex's shares finished one sen or 0.83 per cent lower at RM1.20, resulting in a market capitalisation of RM1.19 billion.
