Pharmaniaga reported its fourth quarter ended 31 December 2022 result recording revenue of RM862.7 million, an increase of 21.2% from RM711.7 million in the previous year’s corresponding quarter. Nevertheless, the group added the increase in revenue was partially offset by the lower revenue from the sale of the Covid-19 vaccine as the country is entering into the endemic phase.
In adherence to the requirement of MFRS102 Inventories, the Group made a provision of slow-moving inventories on Covid-19 vaccines of RM552.3 million. In addition, the Group has also written down the goodwill of the Indonesia manufacturing cash-generating unit of RM50.3 million. As a result, the Group recorded loss before interest, taxation, depreciation and amortisation (LBITDA) and loss before zakat and taxation (LBT) of RM616.7 million and RM638.4 million respectively in 4Q FY2022, compared with earnings before interest, taxation, depreciation and amortisation (EBITDA) and profit before zakat and taxation (PBT) of RM140.9 million and RM125.1 million respectively in 4Q FY2021.
The Indonesia Division also recorded a LBT of RM42.7 million as a result of the impairment of goodwill of the Indonesia manufacturing cash-generating unit of RM50.3 million.
For the year ended 31 December 2022 , the Group registered a lower revenue by 27.1% against the previous year as there was lower demand from the government for the purchase of Covid-19 vaccines. However, the Group achieved growth in the concession business as additional products were added to the concession list which took effect in the second half of 2021. In addition, there was also an improved contribution from the private sector by approximately 50.0% as a result of aggressive sales efforts coupled with new products launched to the market during the year.
Group’s Indonesia segment continues to post promising performance leveraging on the improved operational efficiency include among others stock.
The Group posted LBITDA and LBT of RM505.3 million and RM580.8 million respectively in FY2022 decreasing from EBITDA and PBT of RM342.3 million and RM277.1 million respectively in the previous year.
