The pharmaceutical company recorded growth during the first quarter ended 31 March 2022 (Q1FY2022) with Profit After Taxation and Zakat during the quarter grew by 26.4% to RM28.9 million from RM22.8 million a year ago, while its Profit Before Taxation and Zakat increased by 18.8% to RM37.4 million from RM31.5 million previously.
The higher bottom-line came on the back of revenue rising by 21.3% to RM962.2 million from RM793.5 million in the previous corresponding quarter. Logistics and Distribution Division as new products were added into the Ministry of Health Malaysia’s Approved Products Purchase List, and swift turnaround in the Indonesian Division have contributed to the improvement of bottom line of the company.
The accomplishment of both divisions was recorded due to the Group’s reorganisation and restructuring plans and an increase in digitalisation to enhance operational efficiency.
“The Group was also in the midst of finalising the logistics and distribution contract extension agreement with the Ministry of Health, slated to be completed by the third quarter of 2022,” Pharmaniaga Group Managing Director Datuk Zulkarnain Md Eusope said.
“This highlights the effectiveness of the reorganisation of the Indonesian business to enhance its operational efficiency through an ongoing stock optimisation exercise and aggressive payment collection,” he added.
“Going forward, we are strengthening our business footprint in Indonesia as it has huge untapped potential. We will revamp the current business model of our logistics and distribution arm here, PT. Millennium Pharmacon International Tbk and increase the products portfolio of our manufacturing arm, PT Errita Pharma. With strategic business and marketing plans in place, we are focusing to double up the revenue for the Indonesian division,” he elaborated.
“Being cognisance of global market sentiments impacted by the ongoing Russia-Ukraine conflict as well as the increased inflationary pressures and supply chain disruptions, we remain cautiously optimistic of our business growth going forward.”
The Group is also collaborating with Malaysia Healthcare Travel Council to supply and distribute the Hepatitis C drug, Ravidasvir, Sinovac COVID-19 vaccine as well as other vaccines to participating hospitals and healthcare centres.
“We will assist in the development of the platform and system for the vaccination programme. This collaboration is expected to provide Pharmaniaga with another recurring income stream and contribute to the Group’s bottom line going forward.”
“Meanwhile, as part of our efforts to establish the Group as a major international biopharmaceutical player, we have entered into several collaborations and strategic partnerships in Thailand, India, and the United Arab Emirates as previously announced and would be expanding to the United Kingdom, Turkey and Middle & North Africa (MENA) market,” Datuk Zulkarnain said.
First interim dividend in respect of FY2022 of 0.80 sen per share is declared, which will be paid on 6 July 2022 to shareholders on the register as of 8 June 2022.
