Chemical Company of Malaysia Bhd (CCM) expects the use of personal protective equipment and personal hygiene products to rise and propel the demand for its chemical and polymer products amid the COVID-19 pandemic. The group said that demand for materials to produce such items would continue increasing even after the government lifts virus containment measures.
CCM’s managing director Nik Fazila Nik Mohamed Shihabuddin said that the company would continue supplying caustic soda to Petronas as part of a three-year supply deal. CCM also plans to double its Kleeners, a cleaning solution, production capacity from 9,000 tons/year to 18,000 tons/year by the first quarter of 2021.
CCM also intends to expand its calcium nitrate production capacity from 1,000 tons/month to 1,900 tons/month. The company previously added its chlor-alkali production capacity by 50% after reactivating its Plant 1 in Pasir Gudang in February.
CCM reported a net profit of MYR2.18 million ($510,346) for the first quarter of 2020, declining by 65.17% from MYR6.25 million in the same quarter last year. Q1 revenue also fell marginally to MYR96.6 million ($22.6 million) from MYR96.9 million a year earlier, as revenue from its chemical division inched down 4.9%. The decrease was partially offset by a 14.9% rise in its polymer division’s revenue.
