Pharmaniaga Q3 net profit lower at RM8.62mil

TheStar Thu, Nov 24, 2022 04:27pm - 2 months View Original


KUALA LUMPUR: Pharmaniaga Bhd’s net profit slumped to RM8.62 million in the third quarter ended Sept 30, 2022 (Q3 FY2022) compared with RM49.84 million in the corresponding quarter a year ago.

Revenue for the quarter under review declined 56.6 per cent to RM924.68 million from RM2.13 billion recorded in the same period a year ago as the country enters into the endemic phase of COVID-19.

"Furthermore, the group reported lower sales from its concession segment due to the timing of orders from the Health Ministry. Nevertheless, the decrease in revenue was partially offset by the higher revenue from other segments including non-concession and Indonesia businesses,” the company said in a filing with Bursa Malaysia today.

Going forward, Pharmaniaga said the group’s Indonesia business continues to be its main growth driver as it performs impressively, propelled by enhanced operational efficiency and digitalisation with an ongoing stock optimisation exercise, aggressive collection efforts as well as increasing product portfolio.

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