Samchem Q1 profit soars as tight supply lifts chemical prices

TheStar Wed, Apr 28, 2021 05:50pm - 2 years View Original


KUALA LUMPUR: Chemical supplier Samchem Holdings Bhd delivered another record revenue and earnings in the first quarter, as rising average selling prices (ASPs) boosted its margins.

Revenue in the three-month ended March 31 jumped 28% to RM330mil from a year ago, while net profit surged 338% to RM18.95mil.

"We have witnessed improving ASPs since 3Q2020 and we are optimistic that prices will remain favourable, supported by economic recovery prospects and global vaccination roll-outs," its CEO Ng Thin Poh said in a statement today.

"The on-going global shipping container shortages exacerbated the tightness of chemicals supply in the region. We were able to increase our market share in the countries that we operate and secure inventories owing to our close rapport and relationship with key principals," he added.

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