Tex Cycle reports strong 1Q profit

KUALA LUMPUR: Tex Cycle Technology (M) Bhd is well-positioned to support the Government’s increased emphasis on compliance in waste management and the promotion of renewable energy.

“This alignment with national sustainability goals is anticipated to spur continued growth and operational excellence in upcoming quarters,” waste management and recycling solutions provider said in a statement.

In the first quarter ended March 31, Tex Cycle’s net profit surged to RM6.6mil against RM1.74mil, translating into an earnings per share of 2.58 sen from 0.70 sen previously.

Revenue, however, fell 12.2% to RM8mil from RM9.11mil achieved a year ago, mainly due to the decrease in sales demand from recovery and recycling division and trading division of RM1.1mil and RM0.05mil respectively.

On the other hand, the renewable energy division has continued to generate revenue for the group from the solar feed-in-tariff (FiT) plant and corporate renewable energy power purchase agreement projects.

“Our positive performance this quarter reflects our dedication to environmental sustainability and operational excellence. The strategic adjustments and innovations we have implemented are not only enhancing our financial performance but are also solidifying our leadership in the waste management sector.

“Particularly, the launch of Sabah’s first integrated scheduled waste management facility marks a significant expansion of our operations into new regions, further aligning with our commitment to sustainable development and local community engagement,” group chief executive officer Gary Dass Anthony Francis said.