PETALING JAYA: Tex Cycle Technology (M) Bhd is expanding is renewable energy or RE division through the execution of some key projects.

       It is planning a project that will create viable and sustainable means of disposing of decontaminated biomass, which will in turn encourage industries to use more renewable resources.

       “Responses have been positive from all parties and possible announcements will be made once agreements have been signed. Our goal is to reach out to the biomass feedstock producing businesses to promote this clean energy system which is the future of the business,” the company said in its 2021 annual report.

       This will indirectly help to save the environment compared with the incineration method which is not environmental friendly.

       Commenting on its financial year 2021 (FY21) results, the company said its net profit had increased from RM3.3mil in the year before last to RM6.2mil.

       The improvement was mainly due to the resumption of operations and the ease of restrictions for economic sector operations.

       Its revenue had also increased by 21%, from RM23.8mil in 2020 to RM28.7mil in FY21.

       This had led to higher demand in the recycling and recovery division.

       “We hope to widen the existing customer base and provide greater awareness on the waste management facilities, which is the recycling and recovery division that the group operates in.

       “Tex Cycle has been entrusted by the Malaysian Department of Environment to treat 31 types of scheduled waste codes within the country,” it said.