KUALA LUMPUR (Nov 29): Agrochemical company Hextar Global Bhd has announced that its executive director Datuk Eddie Ong Choo Meng is stepping down with immediate effect "to pursue other interest".

In a statement on Tuesday (Nov 29), Hextar Global quoted Ong, 44, who owns a direct stake of 7.1% and an indirect stake of 59.8% in the company, as saying that this was "not an easy" decision to step down from the executive role.

"To step down from the executive role was not an easy decision to make but being able to see the company grow to achieve its highest revenue and profit as well as having the highest market capitalisation is by far my biggest satisfaction and achievements that I am most proud of.

"Moving forward, I hope that the management team will continue to grow the group to even greater heights than it already is. Hence, with a heavy heart, I believe it is time for me to transition into a new role in a new environment," he said.

With Ong's resignation, Hextar Global appointed Rayburn Azhar Ali as the new ED effective immediately.

Rayburn, 52, is currently the chief executive officer of one of Hextar's subsidiaries called Hextar Kimia Sdn Bhd, formerly known as ENRA Kimia Sdn Bhd. He has over 23 years of experience in the oil and gas industry and has held senior management positions in various companies.

Separately, Hextar Global also released its financial results for the third quarter ended Sept 30, 2022 (3QFY2022), with net profit nearly doubling to RM13.96 million from RM7.21 million a year ago, driven by strong revenue growth and higher margins from its specialty chemicals segment.

Revenue for the quarter grew 44% to RM162.33 million from RM112.55 million in 3QFY2021.

For the cumulative nine months ended Sept 30, 2022 (9MFY2022), net profit grew 77% to RM44.9 million from RM24.4 million a year earlier, while revenue rose 47% to RM478.62 million in 9MFY2022 from RM326.07 million in 9MFY2021.

On prospects, the group said the specialty chemicals market is expected to grow further, driven by the increasing industrial production and recovery of the tourism industry across the world.

Shares of Hextar Global have gained 49.6% year-to-date. As of 2.53pm on Tuesday, the stock was down two sen or 0.85% at RM2.33, giving it a market capitalisation of RM3.06 billion.