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Agrichem firm Ancom Nylex posts record RM81.5 mil net profit for FY24 | Scoop
Ancom Nylex has seen its net profit increase by 8.4% for the financial year ending May 31, 2024. – klse.i3investor.com pic, July 18, 2024
News

Agrichem firm Ancom Nylex posts record RM81.5 mil net profit for FY24

Chemicals company upbeat on growth prospects after second-consecutive year of best-ever net profit figures

Scoop Reporters
Updated
8:13 PM MYT

 

KUALA LUMPUR – Agricultural chemicals manufacturer Ancom Nylex Bhd notched a record-high net profit of RM81.5 million for the financial year ending May 31, 2024 (FY24).

The company’s net profit increased by 8.4%, largely driven by strong performance in the agrichem segment, according to a statement released today.

For FY24, Ancom Nylex’s revenue stood at RM2 billion, slightly lower than the RM2.04 billion in the previous year.

In the fourth quarter of FY24, the company recorded a net profit of RM18.4 million on a revenue of RM487.0 million, a slight increase from the previous year.

Despite higher impairment of trade receivables, Ancom Nylex continues to generate healthy net operating cash flow, amounting to RM128.6 million for FY24.

“We are proud to have registered our second consecutive year of best-ever net profit performance. While we anticipate market challenges to persist in FY25, Ancom Nylex continues to be upbeat on our growth prospects,” said managing director and group CEO Lee Cheun Wei.

The agrichem segment’s earnings before interest and tax rose 25.3% year-on-year to RM106.5 million. It is also working to develop a new active ingredient (AI) for its agrichem segment, which will be ready for commercial production soon.

Ancom Nylex said it had secured a long-term contract with a North American customer for a key AI product, providing earnings visibility for the future.

“While the production trial remains ongoing, we have successfully delivered samples to our clients for their in-house quality checks,” said Lee.

“We target to start commercial production of the new AI, mainly using the intermediate produced in-house to circumvent supply chain disruptions previously encountered when importing the intermediate inputs.” – July 18, 2024

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