Corporate Updates
G3 Global's healthcare bet pays off
G3 Global's healthcare bet pays off
KUALA LUMPUR (Feb 25): G3 Global Bhd, a tech company supplying IoT and cloud-based data solutions, may not be out of the woods yet but for Q4, it has reported revenue that is the highest in more than four years mainly due to the controlling interest in Bestinet Healthcare S/B acquired late last year. Annual revenue has also risen by 57% on.
Its still loss-making but that’s due to a kitchen-sinking exercise undertaken for the ICT division from past partnerships with Green Packet Bhd. Losses on an annual basis has narrowed though.
Photo: Dirk Quinten
“G3 Global’s financial turnaround has picked up steam, especially after the diversification into the healthcare sector through the acquisition of a 51% stake in Bestinet Healthcare Sdn Bhd. The outlook for Bestinet Healthcare remains promising, with orders for 2 million test kits in hand. If the current momentum continues, the Group is on track to return to profitability by 3Q22," said MD Dirk Quinten.
"Given our involvement in COVID-19 antigen kit distribution solutions, G3 Global is a beneficiary of the robust demand for such self-testing kits amidst the spike in coronavirus cases in Malaysia."
Green Packet Bhd and CC Puan are no longer related to G3 Global, as both parties have ceased to be substantial shareholders of the Group. G3 Global will be driven by a fresh mandate, with improved aspirations for further growth.
G3 Global is shifting its focus to artificial intelligence and other information technology-based healthcare solutions. Beyond the sales of COVID-19 test kits, the Group’s healthcare business will also explore the vast potential of artificial intelligence in healthcare, especially in the area of healthcare diagnosis.
#G3Global #DirkQuinten
Photo: Dirk Quinten
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https://www.thestar.com.my/business/business-news/2022/02/25/g3-global-posts-surge-in-revenue-on-higher-test-kit-sales
2022-02-26 10:10