Nova Wellness to launch new healthcare products

  • Corporate News
  • Tuesday, 12 May 2020

Based on its 2019 annual report, the founders Nyie Lin (pic) and Tan Sok Mooi collectively own 74.31% of the company.

PETALING JAYA: Nutraceutical company Nova Wellness Group Bhd plans to launch new healthcare products to go with its hand sanitiser which has been selling well.

Nova executive director Eddie Phang Yeen Aun told StarBiz that due to the growing market demand, the company will be launching new products over the next few months.

“We will continue to see increased interest in preventive healthcare under this new normal, ” said Eddie, who is the son of Phang Nyie Lin, the founder and major shareholder of the company.

Nova is also in the midst of completing the construction of a new plant.

The group raised RM44.91mil from its IPO in 2018 and out of this, some RM13.9mil was utilised to construct this plant for the production of its food and skincare products.

The completion of phase one of this factory is significant for Nova, as it now increases production capacity by five times. Nova is now in the process of constructing phase two of the factory.

“Besides the health food products, Nova intends to utilise this factory to produce products such as low GI bread, ” said Eddie.

While Nova’s business has predominantly been in Malaysia, the company is looking to make inroads regionally.

Eddie said the company has obtained approval for some of its products in Indonesia and Thailand.

While Nova is mainly in the business of selling dietary supplements, food and skincare products, these products, it is its hand sanitiser that is doing well.

It is supplying to a number of government hospitals since the pandemic began.

For the six months to Dec 31,2019, the company recorded a 35.36% jump in net profit to RM5.4mil on the back of a 16.76% increase in revenue to RM14.81mil. Its net margin is at 36.5%.

Nova has cash of RM36.43mil and no debt.

The stock is at 60 sen, just above its IPO price of 55 sen a share, giving the company a market capitalisation of RM190.65mil.

Based on its 2019 annual report, the founders Nyie Lin and Tan Sok Mooi collectively own 74.31% of the company.

They own the stakes via their names and other family members namely Phang Yeen Aun, Phang Yeen Nung and Phang Yeen Hung.

Nova’s principal activities include the development, production and sales of nutraceutical and skincare products under its house brands.

Its products are available in some 490 outlets nationwide.

Over the years, the company has developed and produced a number of nutraceutical products under its house brands and for its OEM customers.

Nova was founded in 1989 by Nyie Lin and his wife Sok Mooi, who initially undertook the trading of animal health products from 1990.

The business direction took a turn in 1997 when they commenced a small scale research and development on Phyllanthus niruri, a species of herb that has been traditionally used for the treatment of liver diseases. Phang then decided to set up a production facility with R&D facilities in Sepang, Selangor in 2004.

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