KUALA LUMPUR (July 18): Ancom Nylex Bhd’s (KL:ANCOMNY) net profit in the fourth quarter ended May 31, 2024 (4QFY2024) grew 1.44% to RM18.44 million from RM18.18 million a year ago, while quarterly revenue increased 1.82% to RM486.96 million from RM478.25 million.

The quarterly profit helped to lift Ancom Nylex’s annual net profit to record high of RM81.47 million for the financial year ended May 31, 2024 (FY2024).

The company achieved improved revenue across all business divisions — investment holding and others, agricultural chemicals, industrial chemicals, and logistics — except for polymer.

Net profit for FY2024 was 8.45% higher than the RM75.13 million the company recorded in the preceding financial year, according to its filing to Bursa Malaysia.

Annual revenue, however, fell 2.3% to RM1.996 billion as compared to RM2.043 billion in FY2023.

Ancom Nylex has proposed a second interim dividend of one sen per share for the quarter under review, which is the same amount as last year.

The company announced a non-cash dividend for FY2024 in the form of treasury shares, distributed on the basis of one share dividend for every 100 Ancom Nylex shares held by shareholders. This was completed on March 1 by crediting 9.38 million treasury shares, it said.

Moving forward, the company said that it will continue to be vigilant in managing risks arising from geopolitical tensions that may impact the cost of doing business, as well as continue to explore more opportunities for its business.

“Barring any unforeseen circumstances, the group should perform satisfactorily for the next financial year,” it added.

Ancom Nylex, formerly known as Ancom Bhd, underwent a restructuring exercise in April 2021. The company, which aims to become an integrated agrichemical and industrial chemical player in the region, acquired the chemical distribution business of Nylex (Malaysia) Bhd (KL:NYLEX).

Shares of Ancom Nylex gained two sen to close at RM1.08 on Thursday, valuing the company at RM1.09 billion.