Chemicals company Megachem has reported earnings of $4 million for 2HFY2021 ended Dec 2021, up 64.5% y-o-y. Revenue in the same period was up 37.1% y-o-y to $73 million.
For the whole of FY2021, earnings grew by 51.4% y-o-y to $7.76 million, on the back of 32% increase in revenue to $138.9 million.
The company attributes the higher numbers to both a higher volume of chemicals sold, as well as higher selling prices.
Megachem plans to pay a final dividend of 1.2 cents per share, bringing full year FY2021 payout to 2 cents. For FY2020, the company paid 1.5 cents in total.
Sidney Chew, the company’s managing director is upbeat about this year’s business.
We believe 2022 is the dawn of a new growth cycle for the chemicals industry that will provide many opportunities to elevate our business further, barring any unforeseen headwinds to the global economic recovery,” he says.
See also: GKE Corp expects 1HFY2025 earnings to be a 'significant' increase over 1HFY2024
“We will continue building on our strong foundations to capitalise on opportunities and realise our potential,” he adds.
Megachem shares last traded at 43 cents.
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