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In a filing with Bursa Malaysia today, the company said growth in revenue was largely due to the sale of Sinovac Covid-19 vaccines to the Ministry of Health and private sector. — Picture by Sayuti Zainudin
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KUALA LUMPUR, Feb 17 — Pharmaniaga Bhd’s net profit for the financial year ended December 31, 2021 (FY2021) surged to RM172.15 million from RM27.49 million recorded in FY2020.
Revenue rose 77 per cent to RM4.82 billion from RM2.73 billion previously.
In a filing with Bursa Malaysia today, the company said growth in revenue was largely due to the sale of Sinovac Covid-19 vaccines to the Ministry of Health (MOH) and private sector, followed by stronger growth experienced by the group’s concession, non-concession and Indonesian businesses.
Similarly, it said the group posted higher earnings before interest, taxation, depreciation and amortisation (Ebitda) of RM342 million, increasing by over two-fold from RM101 million in the previous year, which saw the group clocking in a higher profit.
For the logistics and distribution division, it recorded stronger pretax profit (PBT) of RM73 million for the year under review, compared to RM39 million in the previous year. The improved profitability was mainly due to the surge in demand in its concession business as well as the distribution of vaccines, it said.
“The group was entrusted by MOH to handle the logistics and distribution of vaccines including the AstraZeneca Covid-19 vaccines received from AstraZeneca, Covax Facility and donations by foreign governments.
“Pharmaniaga Logistics Sdn Bhd, our wholly-owned subsidiary, was selected through an open tender by MOH as it possesses the infrastructure, expertise and capabilities, with more than 25 years of proven track record in handling vaccines,” it shared.
The manufacturing division recorded a PBT of RM209 million, a significant increase compared to the previous year, mainly contributed by the fill and finish manufacturing of Sinovac Covid-19 vaccines and imported finished vaccine from Sinovac Life Sciences Co Ltd.
“With continued expansion of the vaccine manufacturing business and demand, the long-term prospects of the manufacturing division remain optimistic.
“Going forward, the group is actively enhancing the division’s operational efficiency and will build on its growing portfolio of products to broaden its global presence as well as leverage on its increased capacity utilisation via its contract manufacturing business,” it said.
Meanwhile, the Indonesia division narrowed its loss before tax (LBT) to RM0.1 million for the year under review from a LBT of RM7.4 million in the previous year.
“This was primarily due to the ongoing stock optimisation exercise, active payment collection coupled with the reduction in finance costs as a result of the lower overnight rate policy by the Indonesian government,” it said.
Moving forward, the group said it aimed to maintain the growth momentum of its consumer healthcare segment and achieve double-digit growth in FY2022 by ramping up marketing for its consumer healthcare products.
“Pharmaniaga also continues to pursue avenues of growth to emphasise the research and development (R&D) of biopharmaceuticals, vaccines and insulins to bolster its product portfolio.
“The group has a large and capable R&D team to formulate its own generic pharmaceutical products every year, allowing the group to capture new markets,” it shared.
The group remained committed in expanding its non-concession businesses, it said, of which it had embarked on establishing the world’s first halal vaccine and insulin facilities and construction of the plant is progressing smoothly and is on track for commercialisation by 2025, barring any unforeseen circumstances.
In Indonesia, it said the group is optimistic of improving its profitability and this came on the back of the successful reorganisation of its business operations to enhance operational efficiency
“Pharmaniaga is optimistic that its outlook is bright as its strategies and initiatives are in place and global economic markets are expected to maintain positive growth in 2022,” it added.
On another note, it said that for the fourth quarter of FY2021, Pharmaniaga had declared a fourth interim dividend of 5.0 sen per share, which will be paid on April 5, 2022 to shareholders registered in the Register of Members at the close of business on March 8, 2022.
Pharmaniaga had paid a first interim dividend for FY 2021 of 0.8 sen per share on July 6, 2021 amounting to RM10.4 million, its second second interim dividend of 1.5 sen per share on September 30, 2021 amounting to RM19.6 million as well as a third interim dividend of 2.0 sen per share on December 29, 2021, amounting to RM26.2 million. — Bernama