KUALA LUMPUR: Tex Cycle Technology (M) Bhd recorded a 98 per cent jump in net profit for the third quarter of 2024 (3Q24), to RM2.4 million from RM1.2 million in the same period last year.
The company's revenue grew 27.7 per cent to RM10.6 million from RM8.3 million in 3Q23.
Tex Cycle said the improved performance was primarily driven by the expansion and strengthened operations of its recovery and recycling services division.
Its pre-tax profit surged 120 per cent to RM3.4 million from RM1.5 million previously.
Tex Cycle said it had shown resilience and strategic acumen in navigating the complex market dynamics during the quarter.
"Our focused approach on core business efficiencies and strategic investments has not only driven substantial growth but also strengthened our market position.
"This performance underscores our commitment to sustainability and value creation for all stakeholders," group chief executive officer Gary Dass A/L Anthony Francis said.
Tex Cycle shares closed at RM1.04 on Friday for a market capitalisation of RM292.4 million.