PETALING JAYA: In the nine months ended February 29, 2024, Ancom Nylex achieved revenues of RM1.51 billion. The net profit increased by 10.7% year-over-year, reaching an unprecedented RM63.0 million for the same period, marking the first time it has exceeded RM60 million.
The growth was primarily fueled by the Agrichem segment, which experienced robust sales of higher-margin products, leading to a 23.4% year-on-year increase in Earnings Before Interest and Tax (EBIT) to RM79.3 million.
Managing Director and Group CEO, Lee Cheun Wei commented on the positive outlook, highlighting strategic initiatives such as new AI developments and operational enhancements to strengthen the Group’s market position. He also emphasized plans to expand product offerings in Latin America and optimize operations in the Industrial Chemicals segment.
During the third quarter (Q3) of FY24, revenue rose to RM516.8 million, driven by growth in the Agrichem and Industrial Chemicals segments. Net profit for the quarter increased to RM20.1 million, reflecting improved sales of higher-margin products within the Agrichem segment.
Additionally, Ancom Nylex announced the proposed acquisition of Green Lagoon Technology Sdn Bhd, aligning with its commitment to environmental responsibility and Malaysia’s renewable energy targets. This strategic move reinforces the Group’s aim for full decarbonization by 2025.
