Pharniaga for its third quarter ended 30 September 2022 (3Q FY2022), recorded RM924.7 million in revenue, a reduction of 56.6% from RM2.1 billion in the previous year’s corresponding quarter.
The drastic drop was due to the lack of dependency on Covid related products as the country was entering the endemic phase. Furthermore, the Group said it reported lower sales from its concession segment due to the timing of orders from the Ministry of Health. Nevertheless, the decrease in revenue was partially offset by the higher revenue from other segments including non-concession and Indonesian businesses.
In tandem with the lower revenue, the earnings before interest, taxation, depreciation and amortisation (EBITDA) declined by 70.5% to RM34.8 million in 3Q FY2022 compared with RM117.7 million in the previous corresponding quarter. Correspondingly, profit before zakat and taxation (PBT) for the quarter decreased 84.1% to RM9.4 million, compared with RM50.3 million in 3Q FY202
Period ended 30 September 2022 vs Period ended 30 September 2021 Consolidated Statement of Financial Position
Consolidated Statement of Cash Flows
For the first nine months period ended 30 September 2022 (9M FY2022), the Group registered a 35.5% lower revenue of RM2.6 billion compared with RM4.1 billion in the same period last year as the country is entering into the endemic phase. However, the Group registered encouraging growth in the concession business as additional products were added to the concession list which took effect in second half of 2021.
In line with lower revenue, the Group posted lower EBITDA and PBT of RM111.5 million and RM57.5 million respectively in 9M FY2022, decreasing from RM201.4 million and RM152.0 million respectively in the same period last year.
The Logistics and Distribution Division recorded a higher EBITDA of RM57.1 million for 9M FY2022 compared with RM44.3 million in 9M FY2021. This was mainly attributable to the stronger contributions from the concession business as additional products were added to the concession list coupled with higher demand of in-house products from the Ministry of Health (MOH). This was further supported by improved contributions from the private sector as a result of aggressive sales efforts as well as new products launched to the market during the period. Hence, the PBT increased to RM36.5 million from RM33.2 million.
Going forward, the group said it will continue to actively enhance the division’s operational efficiency and will build on its growing portfolio of products to broaden its global presence, as well as leverage on its increased capacity utilisation via its contract manufacturing business.
