kuala lumpur: Hextar Industries Berhad (HIB) posted quarterly consolidated revenue of RM269 million, profit before tax of RM28.2 million, profit after tax for the first quarter ended 31 March 2023 (Q1 2023) (PAT) recorded RM20.4 million.
This is the highest quarterly revenue and profit reported by HIB since it was listed on Bursa Securities’ ACE market in 2014.
As announced on 18 August 2022, HIB changed its fiscal year-end from 31 August to 31 December. As such, there are no corresponding quarterly comparative figures, but the prior quarter (the sixth quarter ended December 31, 2022) represents financial results for one month only.
The consolidation of Hextar Fertilizers Limited and its subsidiary (HFL Group) into the HIB Group has achieved a remarkable result in Q1E 2023. HIB has adopted a method of consolidation that enables retrospective consolidation of the financial results of HFL Group to the period ended December 31, 2022 (FPE2022).
Thus, HIB recorded a revenue of RM1.29 billion and a PAT of RM98 million in 2022 16 months FPE. Prior to its merger with HFL Group, HIB recorded annual revenue of RM123 million and PAT of RM1.9 million for the financial year. It ended on August 31, 2021.
Commenting on the Group’s first quarter 2023 EQE performance, Group Managing Director Benny Ann commented: “HIB’s average profit improved to MYR 20.4 million for three-month PAT in 2023 compared to MYR 98 for 16-month PAT last year (FPE2022),” it said. a million. Earnings improvement in the first quarter of 2023 is primarily due to higher gross margin. Fertilizer shipments will gradually increase towards the first quarter of he 2023 when the monsoon season ends. His expanded HIB Group is now well-positioned to grow its revenue and customer base through the HFL Group’s extensive distribution network. With the integration of HFL Group, our manufacturing facilities are now strategically located in Bintulu, Lahad Datu, Port Klang and Pasir Gudang. Our annual NPK compression and NPK steam granulation capacity of approximately 800,000 tons will be leveraged to tap into a larger market and establish HIB as a market leader in the fertilizer industry. ”
Executive Director Alex Shamul added, “We are actively expanding our product range to meet the needs of our various customers. We are committed to increasing nutrient absorption efficiency and improving soil health. We have special foliar fertilizers and specially formulated NPK fertilizers for this purpose, and we also produce eco-friendly plant-based organic fertilizers. We have a lot of room to capture a higher market share in the future, and we will focus on expanding our export markets, especially in Indonesia, Thailand, Vietnam, Myanmar and the Philippines, to drive the Group’s growth.”