KUALA LUMPUR, MALAYSIA / ACCESS Newswire / February 27, 2025 / Tex Cycle Technology (M) Berhad ("Tex Cycle" or the "Group"), an established waste management and recycling solutions provider, today announced its financial results for the fourth quarter ended 31 December 2024 ("Q4 FY2024"). The Group recorded a revenue of RM9.3 million and a Profit Before Tax ("PBT") of RM4.5 million in the quarter, bringing its full-year revenue to RM36.2 million and PBT to RM18.0 million.
Compared to the fourth quarter of the previous year ("Q4 FY2023"), revenue increased slightly from RM9.2 million, reflecting a 1.4% growth. PBT recorded a strong performance of RM4.5 million, demonstrating the Group's ability to drive profitability through its core operations and business strategies. This underscores Tex Cycle's strength of its core operations and business strategies.
On a quarter-on-quarter basis, the Group's revenue declined by 12.4% from RM10.6 million in Q3 FY2024 due to temporary fluctuations in demand within the recovery and recycling division. Despite this, PBT improved by 34.0% from RM3.4 million in the preceding quarter, reflecting the Group's strong cost management strategies and operational efficiencies.
For the full financial year ended 31 December 2024, Tex Cycle recorded a 3.2% YoY increase in revenue, rising from RM35.1 million in FY2023 to RM36.2 million. PBT remained resilient at RM18.0 million, reflecting Tex Cycle's ability to sustain profitability while executing its business expansion plans and strengthening its position in the industry. The Group's solid performance highlights its strong fundamentals and strategic direction, positioning Tex Cycle for long-term sustainable growth.
Mr. Gary Dass A/L Anthony Francis, Group Chief Executive Officer of Tex Cycle
Commenting on the results, Mr. Gary Dass A/L Anthony Francis, Group Chief Executive Officer of Tex Cycle said, "Tex Cycle's solid financial performance in FY2024 reflects our ability to navigate market challenges with agility while strengthening our core operations. Our adjusted profit figures clearly demonstrate the resilience of our business model and the success of our strategic initiatives. As we move forward, we remain focused on exploring further growth opportunities, particularly in the ESG sector, and expanding through strategic Mergers & Acquisitions ("M&A"). The Group is actively pursuing new collaborations and acquisitions to drive long-term value for our stakeholders. We also extend our gratitude to the regulatory authorities and industry partners for their continuous support, which has played a vital role in enabling Tex Cycle's ongoing expansion."
Tex Cycle remains optimistic about its long-term growth trajectory, with a firm commitment to expanding its market presence and enhancing its capabilities. In January 2025, the Group strengthened its business portfolio through a collaboration agreement between its wholly-owned subsidiary, Tex Cycle (P2) Sdn. Bhd. ("TCP2"), and Xantara Sdn. Bhd. ("Xantara"), aimed at optimising scheduled waste management capabilities and expanding business opportunities. This partnership aligns with Tex Cycle's long-term growth strategy by complementing its existing business model and enhancing its ability to provide comprehensive waste management solutions.
With ongoing strategic investments and a clear vision for sustainable growth, Tex Cycle is well-positioned to capitalise on emerging opportunities in waste management, renewable energy, and environmental solutions.
As at 5:00 P.M., 25 February 2025, the share price of Tex Cycle closed at RM1.05, representing a market capitalisation of RM295.20 million.
ABOUT TEX CYCLE TECHNOLOGY (M) BERHAD
Tex Cycle Technology (M) Berhad is a Malaysian company specialising in waste management, focusing on both hazardous and non-hazardous waste. Tex Cycle offers comprehensive solutions including waste treatment, recovery, and disposal across various sectors. The Group's services extend to renewable energy, utilising solar, biomass, and biogas technologies to promote sustainability. The Group emphasises environmental compliance and safety, operating a state-of-the-art facility in Klang, Malaysia, and has over 40 years of experience in the industry.
For more information, visit https://www.texcycle.com.my/
Swan Consultancy Sdn. Bhd. on behalf of Tex Cycle Technology (M) Berhad
For more information, please contact:
Jazmin Wan
Email: j.wan@swanconsultancy.biz
Xinyi Ching
Email: x.ching@swanconsultancy.biz
SOURCE: Tex Cycle Technology (M) Berhad
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