PETALING JAYA: Ancom Nylex Bhd’s net profit more than doubled to RM15.1mil for the third quarter ended Feb 28, 2022 (3Q22), from RM7.1mil in the corresponding quarter last year, driven by its agricultural chemicals and polymer divisions.

       During the quarter under review, the diversified industrial and agricultural chemicals group saw its revenue grow 31% to RM510mil from RM389mil from the previous corresponding quarter.

       Its earnings per share (EPS) increased to 6.12 sen from 2.98 sen.

       For the nine months ended Feb 28, Ancom Nylex more than doubled its net profit to RM36.3mil compared with RM16.3mil in the previous year.

       The company generated RM1.45bil in revenue for the nine-month period compared with RM1.09bil in the previous corresponding period, and its EPS rose to 14.65 sen from 6.86 sen previously.

       In its filing with Bursa Malaysia, it said the higher revenue was mainly due to improved sales performance by its industrial chemicals and agricultural chemicals divisions.By segment, Ancom Nylex generated most of its revenue from the industrial chemicals segment, with a higher revenue of RM371.9mil for 3Q22 compared with RM262.5mil in 3Q21 on higher sales volume and selling prices.

       However, the segment’s profit was slightly lower at RM9.1mil compared with RM9.4mil.

       The agricultural chemicals segment almost double its profit in 3Q22 to RM19mil from RM10.3mil 3Q21, as revenue increased to RM98.2mil from RM85mil on high export sales.