KUALA LUMPUR: Ancom Nylex Bhd (ANB) posted a revenue of RM510.0 million for the third quarter (Q3) ended 28 February 2022 (FY22), a surge of 31.0 per cent year-on-year (YoY) from RM389.2 million last year.
In tandem with the higher turnover, net profit doubled YoY to RM15.1 million for Q3 from RM7.1 million in the same quarter of FY21.
For Q3, the agricultural chemicals (Agrichem) segment reported revenue of RM98.2 million, improving by 15.5 per cent YoY.
The industrial chemicals division reported revenue of RM371.9 million for Q3 FY22, improving from RM262.5 million last year.
Managing director and group chief executive officer Lee Cheun Wei said the sustained growth momentum was mainly supported by the agrichem division, which saw an increase in orders from export markets and Malaysia.
"Plantation operators worldwide have been working hard to fulfil the rising food demand, indirectly resulting in the surge in herbicide prices.
"Moreover, the two new agrichem active ingredients rolled out earlier have also contributed to our bottom-line increase," he said in a statement today.
Looking ahead, Lee said the company remains upbeat on its agrichem business prospects following visits to key export markets in recent months.
"Overall, we anticipate demand from countries such as Thailand, Brazil, and Malaysia to increase.
"Meanwhile, ANB faced growth momentum for the industrial chemicals arm with some headwinds in the Q3 of FY22.
"Nevertheless, we believe the division's performance will be better over the coming periods as prices for petrochemical products are currently trading at higher levels than their historical averages," he said.
For the nine-month (9M) of FY22, ANB's top line increased 32.5 per cent YoY to RM1.45 billion.
Net profit jumped 122.0 per cent YoY to RM36.3 million for the period compared to RM16.3 million in 9M FY21.