Pharmaniaga net profit slipped 84% in 3Q

PHARMANIAGA Bhd’s net profit slipped 83% to RM8.62 million in the third quarter ended Sept 30, 2022 (3Q22), from the year before, on the back of RM924.68 million.

Revenue for the quarter under review fell 56.6% from RM2.1 billion previously as the country has just entered the endemic phase affecting the sales, the company said in an exchange filing yesterday.

The pharmaceutical company earnings per share was 0.6 sen versus 3.8 sen previously.

For the nine months period from January to September, Pharmaniaga net profit fell 57% to RM37.07 million on the back of RM2.65 billion versus RM4.1 billion previously.

The company said it registered an encouraging growth in the concession business as additional products were added into the concession list which took effect from the second half of 2021.

In addition, it said there was also an improved contribution from the private sector by 54.9% as a result of aggressive sales efforts coupled with new products launched to the market during the period.

“The Group’s Indonesia segment continues to post promising performance leveraging on the improved operational efficiency including among others stock optimisation and aggressive collection effort as well as digitalisation in its business processes,” it said.

It said the Indonesia business operations have achieved 8% growth in revenue and the group targets to close FY22 with a 15% growth.

At market close yesterday, the counter closed 55 sen, giving it a market capitalisation of RM720.48 million. – TMR / pic TMR File