Luxchem posts higher net profit in 1Q, declares 0.9 sen dividend

KUALA LUMPUR: Luxchem Corp Bhd’s net profit almost doubled to RM20.56 million in the first quarter ended March 31, 2021 (1Q21) from RM9.98 million in the same quarter last year.

In a filing with Bursa Malaysia today, the industrial chemical provider said revenue surged 31 per cent to RM227.87 million during the quarter under review from RM174.48 million previously, mainly attributed to higher sales in the trading segment.

Going forward, Luxchem said the group’s performance could be affected by the US dollar to ringgit exchange rate, raw material price fluctuations, raw material demand and supply situations, competition, and the current COVID-19 pandemic situation.

“The group will continue to improve its own productivity and efficiency to face these external uncontrollable factors,” it said.

In a separate filing, Luxchem announced a single-tier interim dividend of 0.9 sen per ordinary share for the financial year ending Dec 31, 2021. – Bernama