This was more than double its net profit of RM9 million for the previous corresponding quarter.

In a statement issued today, Ancom Nylex said revenue for the first quarter of its current financial year (FY23) rose to RM549.8 million from RM404.7 million in the previous corresponding quarter.

The company said its top contributing segment, industrial chemicals, saw a 32.7% year-on-year (y-o-y) increase in revenue from RM259.1 million to RM343.7 million.

It said that over the same period, segmental earnings before interest and tax (Ebit) rose by two-thirds from RM3.6 million to RM6 million.

“Agricultural chemicals also continued to record robust growth. Revenue for the first quarter (Q1 2023) amounted to RM162.3 million, which was a 40.6% increase y-o-y from last year,” the company said.

Segmental Ebit rose by 43.2% to RM23.2 million for the quarter under review.

Managing director and group CEO Lee Cheun Wei said the company’s group-wide consolidation efforts are beginning to show results.

“We attribute this in part to the acquisition of the industrial chemicals operations over which we now have full control,” Lee said.

He said the disposal of various non-core businesses last year also brought positive results for the company.

“The introduction of two new herbicide active ingredients, market share gained from existing herbicides and a newly acquired livestock chemicals business have helped to raise profitability to a new level for the agricultural chemical segment,” he added.