KUALA LUMPUR, Nov 19 — Pharmaniaga Bhd’s net profit has leapt to RM1.44 million in the third quarter ending September 30, 2020 (Q3 2020) from RM481,000 in Q3 2019 on better demand for protective equipment.

However, revenue had declined to RM624.80 million from RM716.85 million previously.

Its group managing director Datuk Zulkarnain Md Eusope said on the nine months of 2020 (9M2020) performance, the pharmaceutical company has recorded profit after taxation of RM33.82 million, a 14 per cent increase compared with RM29.38 million in 9M2019.

"This was achieved on the back of stronger contributions from the non-concession business, mainly due to higher sales of personal protective equipment in response to the Covid-19 outbreak,” he said in a statement today.

He added that the company remains focused on enhancing operations across its divisions and is optimistic on its strategic plans in place to enhance prospects by improving manufacturing and operational efficiencies; progressing in its research and development efforts; and tapping viable opportunities for growth.

"To this end, the group continues to expand our vaccine business. The Halal vaccine project is making good headway, with approval received for the Pneumococcal Conjugate Vaccine initiated with the Serum Institute of India Private Ltd, a leading Indian pharmaceutical and biotechnology company,” he said.

Meanwhile, he added that preparations for the fill and finish process of the Covid-19 vaccine are progressing well, with plans underway to repurpose the group’s small volume injectable plant.

The company is also exploring collaborations with other potential partners to ensure safe and effective delivery of the vaccine to support the government’s vaccination plans.

"Prospects for the healthcare sector are further supported by the government’s Budget 2021, with RM1 billion allocated to curb the spread of Covid-19.

"This will include purchasing of reagents, test kits and consumables for the Ministry of Health (MOH), personal protective equipment and hand sanitisers for MOH frontliners, as well as equipment, laboratory supplies and medicine for university teaching hospitals,” he said.

Given its strong track record in logistics and distribution as well as its halal manufacturing facilities, Pharmaniaga is well-positioned to cater to these needs, he said.

Moving forward, Zulkarnain said the outlook for the healthcare sector is expected to be positive post- Covid-19, adding that generic pharmaceutical products will likely retain their importance as effective and economical healthcare solutions.

"Pharmaniaga is well-poised to leverage opportunities in Malaysia and overseas markets to ensure the sustainable growth of the group in the years ahead.

"We expect this momentum to continue over the next five years, although the Covid-19 pandemic and lockdowns may present some uncertainties in the near-term,” he added. — Bernama