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.
As of Sept 30, its Indonesian business operations achieved an eight per cent revenue growth. Overall, the group targets to close the financial year ending 2022 with a 15 per cent growth.
On the local front, the group's focus is to leverage the private market as its business portfolio has registered remarkable revenue growth, rising by 57 per cent quarter-on-quarter and 55 per cent year-on-year.
"We expect to record more than RM120 million of revenue with an approximate 60 per cent growth from the private sector by year end,” the filing said.
The group forecasts that its concession business will continue to register growth estimated at eight per cent this year as the Health Ministry has increased its products in its approved products purchase list. - Bernama