Tex Cycle Technology (M) Berhad reported its financial results for the first quarter of FY2025, recording a revenue of RM8.9 million and a Profit Before Tax (PBT) of RM2.6 million. Revenue increased by 11.2% compared to RM8.0 million in Q1 FY2024. However, PBT saw a significant decline of 65.6% from RM7.4 million, largely due to one-off gains from the previous year’s performance. Excluding these gains, the current results indicate stable operations, supported by the renewable energy segment and a gradual recovery in recycling.
On a quarterly basis, revenue decreased by 4.5% from RM9.3 million in Q4 FY2024, attributed to weaker demand in the recovery and recycling sectors, leading to a 43.1% drop in PBT from RM4.5 million to RM2.6 million, influenced by lower fair value gains on quoted securities.
At the same time, the Company convened its 21st Annual General Meeting (“AGM”) and an Extraordinary General Meeting (“EGM”). Shareholders approved all resolutions, including the re-election of directors and the acquisition of Meridian World Sdn. Bhd. for RM55.0 million. This acquisition enhances Tex Cycle’s ESG-oriented portfolio by expanding its services to wastewater treatment and environmental consultancy.
Meridian World is a key player in scheduled waste management, licensed to treat various waste types and serving industries such as semiconductor and manufacturing from its Kedah facilities.
Mr. Gary Dass A/L Anthony Francis, Group Chief Executive Officer of Tex Cycle expressed appreciation for the unwavering support from shareholders, stating, “We are grateful to our shareholders for their continued trust and approval of key resolutions that will shape Tex Cycle’s next phase of growth. The Q1 results reflect our core strength and operational discipline in navigating market conditions. With the green light for the Meridian acquisition, we are better equipped to accelerate our ESG roadmap and broaden our service base across Malaysia.”
As Tex Cycle progresses through FY2025, the Group remains optimistic about its strategic direction, especially with the Government’s focus on scheduled waste compliance and renewable energy. Following the AGM and EGM, and with ongoing improvement initiatives, Tex Cycle is poised to enhance long-term value.
As of 5:00 P.M., 14 May 2025, Tex Cycle’s share price closed at RM1.04, with a market capitalisation of RM292.4 million.