KUALA LUMPUR (May 25): Hextar Industries Bhd (HIB) posted a net profit of RM20.42 million or 0.74 sen per share on revenue of RM269.43 million for the first quarter ended March 31, 2023 (1QFY2023).

There are no year-on-year comparative figures as the group has changed its financial year end from Aug 31 to Dec 31.

In a filing with Bursa Malaysia, HIB said that its quarterly earnings performance was mainly driven by higher gross profit margin achieved in its fertilisers division. Its fertiliser division contributed RM254.9 million or 94.6% to its total revenue.

It noted that the better result was reflected from the group’s consolidation of Hextar Fertilizers Ltd and its subsidiary companies, HFL Group, into the HIB Group

In a statement, HIB group managing director Benny Ang said that the group is expanding its product range to cater to different customer needs moving forward.

“We have special foliar fertilisers and specially formulated nitrogen, phosphorus, and potassium (NPK) fertilisers to increase efficiency in nutrient uptake and also to improve soil health."

Meanwhile, the group is also producing environment-friendly plant-based organic fertilisers, where it sees substantial room to gain in the export market.

Shares of HIB gained 1.5 sen at 50 sen on Thursday (May 25), giving the group a market capitalisation of RM1.36 billion.