For the second quarter of 2023, Pharmaniaga recorded a total revenue of RM848.7 million, representing an increase of 11.5% compared to RM761.1 million in the same quarter of the previous year. The Group said this was due to higher sales in both the non-concession segment and operations in Indonesia during the quarter.
As a result of strong revenue performance and efficient cost management, the Group’s earnings before interest, taxation, depreciation, and amortization (EBITDA) surged by 36.4% to reach RM31.2 million. Correspondingly, the Group’s profit for the period stood at RM2.3 million a significant improvement from RM914,000 from the same period in 2022.
As for the first six months, the Group registered a 0.3% higher revenue of RM1.73 billion compared to RM1.72 billion in the same period last year. Pharmaniaga experienced a 6% decline in revenue, amounting to RM844.8 million from the concession business compared to the same period last year. Nevertheless, it said the non-concession business proved to be a major growth driver, exhibiting an impressive 27% increase compared to the same period last year, resulting in overall revenue that remained at par with the same period last year. Hence, the Group posted lower EBITDA and PBT of RM63.7 million and RM15.5 million respectively, decreasing from RM76.7 million and RM42.0 million respectively in the same period last year.
It said the decrease was largely due to higher operating expenditure incurred from increased staff costs as a result of increased headcount, coupled with higher amortisation cost for the right-of-use for three new warehouses. Additionally, the bottom-line wasfurther impacted by higher finance costs due to increased borrowings during the financial period under review
As part of its financial turnaround strategy, the Group is preparing a comprehensive Regularisation Plan, required by Bursa Malaysia’s main market listing. This plan, to be submitted by Q3 2023, will highlight the Group’s efforts to regain financial stability and enhance shareholder value. Completion of this initiative is expected to be finalised by Q1 2024.
