KUALA LUMPUR: Ancom Bhd returned to the black for the financial year ended May 31, 2021 (FY21), registering a net profit of RM23.95 million from a net loss of RM9.69 million recorded in FY20.
In a statement today, the manufacturer and supplier of agricultural and industrial chemicals said the agricultural chemicals segment primarily drove the improvement as higher global demand bolstered the segmental top line by 28.6 per cent to RM79.9 million.
Revenue in the same period increased 4.5 per cent to RM1.54 billion from RM1.47 billion.
Group chief executive officer Lee Cheun Wei said this was the company's best full-year bottom line in more than a decade since 2008.
"Our agricultural chemicals division has done very well, riding on the uptrend of global demand for food.
"We anticipate the trend to persist with a continued strong contribution from this segment. As for the industrial chemicals segment, our trading business has performed favourably too, having benefitted from higher sales volume and generally higher average selling prices," he said in a statement today.
Moving forward, Lee said the growth trajectory of the company, particularly the agricultural chemicals division, remains strong.
"Recently, we have begun our production of new active ingredients at our existing plants and are expecting to add a few more to our portfolio once our new plant is ready by the first half of 2022.
"We are optimistic and will strive to continue to deliver good and satisfactory results for our shareholders next year," he said.