Nova Wellness hits soft patch as consumers hold back purchases

PETALING JAYA: Nova Wellness Group Bhd has missed earnings expectations in the recently concluded quarter as weaker-than-expected sales dragged the pharmaceutical company into a soft patch.

Pointing out that Nova’s core net profit of RM4mil in the first quarter of financial year 2024 (1Q24) was only 20% of its full-year forecast, Kenanga Research also downgraded its sales growth forecast to 8% to 11% for the financial year 2024 (FY24) and FY25.