Megachem reports 32% jump in FY2020 earnings

Chemicals company Megachem has reported revenue of $105.2 million for the year ended Dec 31 2020, down 7.5% from the preceding year, as demand for certain products fell amid the pandemic.

However, the company enjoyed other income of $1.9 million, which consists of government grants, fair value gain from quoted securities and higher earnings from associates. As a result, the company was able to report earnings of $5.2 million, up 32% y-o-y.

“Despite the COVID-19 pandemic greatly affecting global economies and many businesses, we turned in a creditable performance,” says managing director Sidney Chew.

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