KUALA LUMPUR: Industrial chemical supplier Luxchem Corporation Bhd reported a 29.5 per cent rise in its net profit for the second quarter of 2024 (2Q24), from its manufacturing and trading business.
Net profit was up to RM12.2 million from RM9.4 million a year ago.
Additionally, the company's revenue grew to RM210.1 million from RM157.5 million in the same quarter last year, representing a 33 per cent increase, attributed to both trading and manufacturing segments.
Luxchem in a filing to Bursa Malaysia said its performance could be influenced by significant challenges including exchange rates between the dollar and ringgit, fluctuations in raw material prices, demand and supply conditions for raw materials, intense competition, and ongoing global geopolitical conflicts.
"The group will continue to improve its own productivity and efficiency to face these external uncontrollable factors and challenges," it said.
The company also announced a single-tier first interim dividend payment of 0.8 sen per ordinary share, scheduled for Aug 30, 2024.
Over the cumulative six months period, its net profit increased by 40 per cent, rising from RM16.9 million to RM23.7 million.
Meanwhile, its revenue grew by 26.7 per cent, climbing from RM310.3 million to RM393.3 million.
Its share price rose by 1.74 percent to 58.5 sen, up from the previous closing price of 57.5 sen.