PHARMANIAGA POSTS HIGHER Q1 FY22 NET PROFIT, TO STRENGTHEN INDONESIAN OPS

KUALA LUMPUR, May 20 (Bernama) -- Pharmaniaga Bhd posted a higher net profit of RM27.73 million for the first quarter ended March 31, 2022 (Q1 2022) from RM23.14 million a year ago. 

The pharmaceutical group, in a Bursa Malaysia filing today, said revenue improved 21 per cent to RM962.17 million from RM793.50 million a year ago due to healthy growth across the group's concessions and its Indonesian businesses with normal business activities resuming as the COVID-19 pandemic wanes.

"The group is strengthening its business footprint in Indonesia and will revamp the current business model of its logistics and distribution arm, PT. Millennium Pharmacon International Tbk, and increase the products portfolio of manufacturing arm, PT Errita Pharma. 

"With strategic business and marketing plans in place, the group is focused to double revenue for the Indonesian division," it said. 

The group said the reorganisation of its Indonesian business to enhance operational efficiency through a stock optimisation exercise and aggressive payment collections have resulted in “a swift turnaround”.

On the local front, the group said it is 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.

The group’s construction of the world’s first halal vaccine and insulin facilities is on track for commercialisation by 2025, and it will leverage its proven track record in vaccine handling and distribution. It is also committed to take its experience and expertise to other developing countries. 

The group is cautiously optimistic of its business growth going forward, being cognisant of global market sentiments as a result of the ongoing Russia-Ukraine conflict and rising inflationary pressures and supply chain disruptions.

-- BERNAMA