KUALA LUMPUR (Oct 17): Ancom Nylex Bhd's net profit rose 3.85% to RM20.80 million for the first quarter ended Aug 31, 2024 (1QFY2024), from RM20.03 million a year earlier, on the back of higher earnings posted by its agricultural chemicals segment, and lower distribution and administrative expenses.

Earnings per share dropped to 2.20 sen from 2.31 sen, the integrated chemical group showed in a bourse filing.

Quarterly revenue fell 11.36% to RM487.36 million from RM549.81 million, underpinned by lower revenue contributions from the logistics, agriculture and industrial chemicals segments.

Quarter-on-quarter, net profit came in 14.42% higher than the RM18.18 million registered for 4QFY2023, while revenue inched up 1.90% from RM478.25 million.

Moving forward, Ancom Nylex said the El Niño weather phenomenon is expected to continue into 2024, while the global economic situation is expected to remain volatile, due to ongoing geopolitical tensions and tighter monetary policy.

"These factors may affect the businesses of the group for the remainder of the financial year. The board will continue to be vigilant in managing these risks, and continue to explore and expand opportunities for our businesses," it added.

Shares in Ancom Nylex finished one sen or 0.83% lower at RM1.20 on Tuesday, giving the group a market capitalisation of RM1.19 billion.