KUALA LUMPUR (Jan 17): Ancom Bhd recorded a 95.12% jump in net profit at RM12.08 million for its second quarter ended Nov 30, 2021 (2QFY22) from RM6.19 million a year prior due to higher revenue and stronger demand for its agricultural and industrial chemical products in the Asean region.

Its earnings per share (EPS) increased correspondingly to 4.92 sen from 2.59 sen, its filing showed.

Quarterly revenue for the chemical manufacturing group was 49.16% higher at RM532.91 million from RM357.27 million in the same period for 2020.

Meanwhile, Ancom’s quarterly results also improved compared with its immediate preceding quarter ended Aug 31, 2021 with a 33.6% increase in net profit from RM9.04 million while its revenue and EPS were 31.67% higher from RM404.73 million and 32.97% higher from 1.28 sen, respectively.

For the first half of its financial year ended Nov 30, 2021 (1HFY22), Ancom registered a net profit improvement of 128.3% to RM21.12 million from RM9.25 million against higher revenue of RM937.64 million, an improvement of 33.3% from RM703.39 million. EPS were also higher at 8.60 sen from 3.86 sen.

The improvement in financial performance was mainly due to higher revenues across all its segments with industrial chemicals leading at RM613.64 million, followed by agricultural chemicals (RM249.41 million), polymer (RM39.04 million), logistics (RM22.59 million), investment holdings and others (RM24.11 million), and media (RM3.95 million).

Speaking on its current year prospects, Ancom said despite new variants of the Covid-19 virus emerging in 2022, the rising vaccination rates and gradual reopening of economies should see consumer sentiment and business outlook continue to improve.

“Barring any unforeseen circumstances, the group should perform satisfactorily for the current financial year. The board will continue to explore opportunities and build new capabilities to strengthen the group’s businesses and be more resilient to face future challenges,” the filing wrote.

At market close, Ancom’s shares traded at three sen or 0.93% higher at RM3.27, giving the chemical manufacturing group a market capitalisation of RM849.73 million.