PETALING JAYA: Ace Market-listed Bioalpha Holdings Bhd aims to launch new products in its key markets, particularly in Malaysia, Indonesia and China, as part of it expansion strategy.
In a statement, the company said it would penetrate the Muslim-majority provinces in western China such as Xinjiang, Qinghai, Shaanxi and Gansu by engaging the local Muslim associations of the respective provinces to establish a distribution network.
“We believe our strategy to leverage on our halal-certified health supplement products would appeal to the Muslim population in these regions.
“In Indonesia, we have done well over the past years with our existing products but it is time to roll out new products to bring our sales to the next level,” it said.
The company, which is principally involved in the manufacturing and sale of semi-finished and finished health supplement products, also said it planned to increase its number of outlets locally.
“For our pharmacy division, we currently have 17 outlets and we target to open a few more by the end of the year. We are looking to increase our geographical presence outside the Klang Valley and continue to strengthen our presence in Kelantan and Terengganu.
“The group has also identified new markets – Kedah and Johor. We will be growing our pharmacy division via the franchise system so as not to burden our balance sheet,” it said.
To recap, Bioalpha posted a record high revenue and net profit in 2016 of RM47.1mil and RM8.5mil, which was an increase of 58.6% and 25.0%, year-on-year respectively.
On its balance sheet strength, Bioalpha said it remained in a net cash position with net cash per share of 0.7 sen as at end-December 2016.
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