U8HX:Ancom Nylex posts 4-fold increase in 4Q earnings

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KUALA LUMPUR: Ancom Nylex Bhd reported an over 4-fold increase in net profit at RM31.92mil in the fourth quarter ended May 31 against RM7.42mil a year ago.

The integrated chemicals group saw its earnings per share (EPS) rise to 12.61 sen from RM3.11 sen a year earlier.

Revenue during the quarter rose 26.8% to RM565.45mil from RM445.89mil a year prior.

For the full financial year ended May 31 (FY22), Ancom posted a net profit of RM68.18mil, or 26.93 sen EPS, up from RM23.75mil, or 9.97 sen EPS previously while revenue climbed 30.9% year-on-year (YoY) to RM2.01bil from RM1.54bil.

Ancom said core growth was mainly attributed to its agricultural chemicals (agrichem) division which reported revenue of RM462.8mil in FY22, surging by 39.4% YoY.

In tandem with that, segmental earnings before interest and tax (Ebit) improved by 50.1% YoY to RM70.7mil.

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Its revenue from its industrial chemicals division grew by 33.5% YoY to RM1.39bil in FY22. The segmental EBIT recorded a two-fold increase from RM29.6mil in FY21 to RM62.5mil in FY22 mainly due to a one-off gain on the disposal of terminal assets amounting to RM24.5mil.

Managing director and group CEO Lee Cheun Wei said the company is currently expanding the production capacity for its existing agrichem active ingredients portfolio to cope with the surging demand from both overseas and local markets.

He said the new facility meant for three more new active ingredient products is completed and is expected to go through manufacturing audits by year-end.

“In FY23, we will also start reaping the full benefits of our successful restructuring exercises, namely, the recent acquisition of the livestock chemicals business and the merger of the industrial chemicals business earlier this year.

“All that said, we are cognizant of a potential global recession amid the restrictive monetary policies being implemented to cope with the rising inflation.

“While the group is not completely immune to external factors, we remain focused on our growth journey which is well supported by the non-discretionary nature of our agrichem segment. Demand is rather inelastic and resilient due to our dominant position in this niche agrichem market,” Lee said.