Texchem’s 1HFY22 net profit soars 180.7 per cent y-o-y to RM19.8 million

KUCHING: Malaysian conglomerate and Main Marketlisted company, Texchem Resources Bhd’s (Texchem) net profit for the first half of the period ended June 30, 2022 (1HFY22) soared 180.7 per cent year on year (y-o-y) to RM19.8 million.

Texchem recorded a revenue of RM609 million for 1HFY22, representing a jump of 15.4 per cent y-o-y from RM527.9 million in the previous year corresponding period.

Meanwhile, Texchem’s 1HFY22 profit before tax (PBT) swelled 226.6 per cent y-o-y to RM28.3 million versus RM8.7 million a year ago.

Correspondingly, profit after tax and non-controlling interest (PATNCI or net profit) for the period under review soared 180.7 per cent y-o-y to a commendable RM19.8 million as compared to RM7.1 million in 1HFY21.

“Having started the financial year on a strong footing, we are very happy to have kept the ball rolling by delivering the best-ever first half bottom-line performance in our history,” Texchem executive chairman Tan Sri Dr Fumihiko Konishi said.

“This indicates that the transformation strategies we put in place continued to bear fruit from all our business unit, which anchored the growth of our 1HFY22 performance.

“Meanwhile, we are mindful of the softer quarter on quarter (q-o-q) performance, which were anticipated as a weaker quarter for our food division, due to the fishing ban imposed by the Myanmar government from April to June 2022, along with decline in sales for Sushi King due to Ramadhan which impacted the restaurant division in 2Q.”

“Moving ahead, we continue to pursue the implementation and execution of our strategic plans across all core business divisions, which have been charting good progress.

“At the same time, we are also cognisant of the other ongoing challenges like rising interest rates to tame inflationary pressures, geopolitical tensions and emergence of new Covid-19 variants.

“We shall remain mindful of these challenges and the group will continue to make efforts to deal with it.”

In the current quarter under review, the Board of Directors have declared an interim dividend of eight sen per share for the financial year ending December 31, 2022.