SAMCHEM 5147 SAMCHEM HOLDINGS BERHAD posts RM19.6mil net profit in 1Q

 SAMCHEM 5147 SAMCHEM HOLDINGS BERHAD posts RM19.6mil net profit in 1Q

KUALA LUMPUR: Samchem Holdings Bhd’s net profit rose to RM19.59mil in the first quarter ended March 31, 2022 (1Q22) from RM18.95mil in the previous corresponding period.

Its revenue for the quarter grew 10.2% to RM364.51mil from RM330.70mil a year ago, due to an increase in average selling price during the quarter.

The integrated chemicals and lubricants distributor declared a first interim single-tier dividend of one sen per share. The date of book closure for the dividend payment will be announced in due course.

Samchem chief executive officer Ng Thin Poh said the company has started out the year on a strong footing, as outlook and optimism continue to recover with the re-opening of economic sectors.

“We expect improvements to continue as the World Bank has forecast growth rates of 5.5% for Malaysia and Vietnam and 5.1% for Indonesia.

“Our comprehensive chemicals portfolio is used in every sector of the economy, mitigating dependency on a particular industry and our exposure to multiple markets also shelters us from the economic cycles and conditions of a particular country,” he said in a statement.

Ng is confident of Samchem being on track to continue delivering growth in 2022.

“We have exciting expansion plans in Malaysia and Vietnam which when completed this year, will further strengthen our position as an integrated supply chain distributor,” he said.

https://www.thestar.com.my/business/business-news/2022/04/27/samchem-posts-rm196mil-net-profit-in-1q