Tex Cycle's Strong Mandate: RM8.9M Revenue and Green Light for Meridian Acquisition

Solid Start to FY2025 with RM8.9 Million Revenue

Tex Cycle Technology (M) Berhad, a leader in waste management and recycling, has announced its financial results for the first quarter ended March 31, 2025 (Q1 FY2025). The Group recorded a strong revenue of RM8.9 million and a Profit Before Tax (PBT) of RM2.6 million. Although the PBT declined compared to the previous year due to non-recurring one-off gains in Q1 FY2024, the current quarter reflects a stable operating result, backed by consistent contributions from its renewable energy segment and a steady recovery in the core recycling and recovery division.

Shareholders Unanimously Back Strategic Growth

Earlier today, the Group held its 21st Annual General Meeting (AGM) and an Extraordinary General Meeting (EGM), receiving overwhelming support from shareholders. All key resolutions were approved, including the re-election of directors and the renewal of the share buy-back mandate. Crucially, shareholders gave unanimous approval for the RM55.0 million acquisition of Meridian World Sdn. Bhd. during the EGM. This decisive vote signals strong confidence in Tex Cycle's strategic direction.

Meridian Acquisition to Accelerate ESG Roadmap

The acquisition of Meridian World is a game-changer, significantly strengthening Tex Cycle’s ESG-oriented portfolio. Meridian World is an established scheduled waste management player, licensed to treat 22 codes of scheduled wastes, e-waste, chemicals, and more, operating from Kedah. This strategic move expands Tex Cycle’s services to include wastewater treatment, chemical processing, and environmental consultancy, dramatically broadening its market presence and capabilities across the semiconductor, chemical, and manufacturing industries.

Optimism for the Future Amidst Green Enforcement

Group Chief Executive Officer, Mr. Gary Dass A/L Anthony Francis, expressed gratitude for the shareholder support, noting that the Q1 results reflect "our core strength and operational discipline." With the successful acquisition of Meridian, he added, Tex Cycle is "better equipped to accelerate our ESG roadmap and broaden our service base across Malaysia." The Group remains highly optimistic, leveraging the Government’s increased enforcement on scheduled waste compliance and the growing national push for renewable energy adoption. At close of trading on May 14, 2025, Tex Cycle’s share price was RM1.04, reflecting a market capitalization of RM292.4 million.