Samchem Holdings Bhd reported a 70% decline in web revenue to RM5.4 million for the second quarter ended June 30, 2023 (Q223) in comparison with RM18.21 million a 12 months in the past.
The chemical distributor attributed the drop in web revenue to decrease gross sales quantity and margins, and declared a half sen per share interim dividend.
Income for 2Q23 decreased by 25% to RM276.23 million, reflecting decrease common promoting costs and gross sales quantity.
The corporate’s cumulative web revenue for the primary six months of FY2023 was RM11.93 million, down 68% from RM37.8 million within the earlier 12 months, whereas income declined 27% to RM531.62 million.
Samchem’s government chairman, Ng Skinny Poh, acknowledged the difficult panorama within the chemical business on account of subdued international enterprise sentiment and highlighted efforts to optimize operations and place the corporate for progress, significantly in Vietnam.
Samchem’s inventory closed 0.94% greater at 53.5 sen, a half sen enhance, leading to a market capitalisation of RM288.35 million. –TMR