GEORGE TOWN: Texchem Resources Bhd, a prominent Malaysian conglomerate listed on the Main Market, has released its financial results for the second quarter (“2QFY24”) and first half (“1HFY24”) ended June 30, 2024. During 2QFY24, Texchem’s revenue surged 22.6% year-on-year to RM294.7 million from RM240.5 million in 2QFY23, driven by robust sales across all core divisions. This growth propelled Texchem back to profitability, reporting a net profit of RM1.0 million compared to a net loss of RM6.3 million in the same quarter last year.
Executive Chairman Tan Sri Dato’ Seri (Dr) Fumihiko Konishi commented on the turnaround, stating, “The 2QFY24 financial performance marks a significant improvement, and the Group remains committed to enhancing its operational efficiency.”
Key highlights include the Industrial Division achieving a 25.5% YoY revenue growth to RM134.7 million, driven by sales enhancements, while the Polymer Engineering Division saw revenue rise 35.2% YoY to RM56.9 million, buoyed by recoveries in semiconductor, hard disk drive, and medical life sciences sectors. The Food and Restaurant Divisions also reported revenue increases of 17.3% YoY and 10.6% YoY respectively.
For 1HFY24, Texchem’s revenue rose 12.1% YoY to RM570.4 million, primarily due to improvements in the Industrial and Polymer Engineering Divisions. The Group’s bottom-line performance improved as well, with a narrowed net loss of RM0.4 million compared to RM6.5 million in 1HFY23.
