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KUALA LUMPUR: Texchem Resources Bhd is cautiously optimistic that it will record a satisfactory performance for 2022 and will continue to improve on operational efficiencies.
Executive chairman Tan Sri Fumihiko Konishi, in a statement, said the group would continue to undertake a cautious and prudent approach on the execution of its strategic plans.
“The group will leverage on track record and experience combined with our healthy balance sheet as we navigate through the headwinds,” he said.
In the third quarter ended Sept 30, Texchem’s net profit doubled to RM2.35mil, or 1.99 sen earnings per share against RM1.17mil, or 0.97 sen a year ago.
Its revenue for the quarter rose 20% to RM282.6mil from RM235.6mil last year.
During the quarter, Texchem reported a disproportionately higher tax expense of RM5.5mil, translating to an effective tax rate of 61.1%.,
Texchem said this was mainly due to certain expenses which are not tax deductible and withholding tax on foreign dividend income.
Fumihiko said despite the global operating challenges, the group delivered a commendable performance during the quarter.
“After adjusting for share-based payments, the group’s adjusted pre-tax profit in the third quarter improved to RM12.5mil as compared to RM11.9mil in the second quarter.
“Save for the industrial division which has been impacted by the weaker demand due to inventory adjustment by customers, the polymer engineering, food and restaurant divisions all performed better thanks to improved focus on profitability and operational efficiency,” he added.
In the first nine months to Sept 30, Texchem posted a net profit of RM22.16mil, up 170% from RM8.23mil a year prior.
For 9MFY22, Texchem delivered a revenue of RM891.5mil, representing an increase of 16.8% year-on-year from RM763.5mil last year.