Tex Cycle to venture overseas by early 2017

SHAH ALAM: Waste management company Tex Cycle Technology (M) Bhd is looking to make its maiden OVoverseas venture, particularly in Southeast Asia, by early next year.
“We have (been receiving) many enquiries from surrounding countries, asking if we could help them to manage their waste,” its managing director S. Perry told reporters after the group’s AGM here yesterday.
“We are in talks right now but at the moment nothing has been finalised yet. Hopefully by this year or early next year we should at least conclude something,” Perry added.
Tex Cycle executive director Ho Siew Cheong said the group has been looking to enter new markets since its inception more than ten years ago, however he said the group has difficulties in finding the right joint venture partner.
“We were talking to a lot of people, but a lot are not suitable with us. But we think now is the right time for us to venture and we are looking seriously into it,” Ho said.
Commenting on the group’s financial year ending Dec 31, 2016 (FY16) performance, Perry said he expects the group’s revenue will be better than what it has recorded in FY15, driven by the group’s upcoming projects.
”Our revenue (this year) could be better than the previous year, with some new projects coming up which we can’t mention yet now,” he noted.
For FY16, Tex Cycle saw its net profit more than double to RM7.64 million from RM3.35 million in the previous year, while revenue increased 17.9% to RM25 million, compared with RM21.2 million a year ago.
Perry said the group’s variety of clients in various industries also helped the group to sustain its financial performance. “We have variety of industries to go for. So that’s how we grow.”
At present, Perry said, the group has over 4,000 customers nationwide, comprising local multinational companies.
Tex Cycle is licensed to treat 31 out of 77 type of waste regulated in the country, including soiled rags, wipes and gloves from the electronics, engineering, automobile, oil and gas, printing, and other manufacturing industries.