Pharmaniaga Bhd reported a net profit of RM25.65 million for the three months ended March 31, 2024 on higher revenue and cost control measures that lowered expenses.

KUALA LUMPUR (May 27): Pharmaniaga Bhd returned to the black after two consecutive quarters of losses, thanks to higher revenue and cost control measures that lowered expenses.

Net profit for the three months ended March 31, 2024 (1QFY2024) was RM25.65 million, a nine-time jump compared to RM2.65 million over the same period a year ago, Pharmaniaga said in an exchange filing. Earnings per share improved to 1.78 sen from 0.2 sen.

Revenue for the quarter rose 9.6% year-on-year to RM964.96 million from RM880.45 million, boosted by demand in the concession segment and Indonesian business. No dividend was declared for the quarter.

The company aims to sustain its momentum and focus on public sector engagement, biopharmaceuticals, cost efficiency, private market expansion, and transforming Indonesian operations, Pharmaniaga said.

Pharmaniaga also reiterated that its logistics and distribution remain "resilient and uninterrupted" despite its Practice Note 17 status, and that it will continue to deliver supplies on schedule.

"The readiness of our manufacturing facilities, including the prefilled syringes [vaccines] and cartridge [insulins] facilities, demonstrates our preparedness for upcoming production phases," Pharmaniaga said.

The insulin project is progressing with dossier submission in February and commercialisation aimed for mid-2025, the company noted. Process validation is expected to start by December this year, the group said.

Shares of Pharmaniaga closed one sen or 2.6% higher at 39 sen, valuing the company at RM562.08 million.