MGRC reports almost 10-fold profit jump in 3Q

Noor Azri Noor Azerai

KUALA LUMPUR: Malaysian Genomics Resource Centre Bhd’s (MGRC) net profit surged almost 10-fold to RM1.96mil in the third quarter ended March 31 from RM200,000 a year earlier.

The higher profit was led by a higher margin generated by the distribution of immunotherapy and cell therapies.

The genomics and biopharmaceutical specialist saw its revenue grow 212% to RM5.08mil against RM1.63mil a year ago, due to the growth of its distribution of immunotherapy and cell therapies.

Furthermore, with the gradual reopening of the economy, the group has seen an overall return of its genetic screening services business.

For the first nine months, MGRC posted a net profit of RM3.21mil against a net loss of RM2.19mil, while revenue registered a nearly 12-fold increase to RM22.03mil from RM1.85mil last year.

Executive director Noor Azri Noor Azerai said the improvement in revenue for the quarter was due to its diversification into biopharmaceutical services, primarily the distribution of immunotherapy and cell therapies, together with higher demand for genetic screening services following the reopening of the economy.

“We continue to seek partnerships and opportunities in which we can have a wider market reach for our services, while our laboratory’s current good manufacturing practice approval will add value to our capabilities, including the production of CAR T-cells for solid cancers as well as the contract manufacturing of other types of cells for third-parties that will generate new revenue streams,” he said.