Malaysian Genomics Pivots to Biopharmaceuticals for Growth
PETALING JAYA, Malaysia, Feb 24, 2023 – (ACN Newswire via SEAPRWire.com) – Malaysian Genomics Resource Centre Berhad, a leading genomics and biopharmaceutical specialist, today announced that the Group recorded a revenue of RM1.64 million for the second quarter ended 31 December 2022 (2Q 2023). This amount is down from RM7.63 million in 2Q 2022, as the Group moved its focus from vaccines to biopharmaceuticals.
For the quarter under review, the Group recorded a loss before tax (LBT) of RM1.27 million compared with a profit before tax (PBT) of RM1.01 million in 2Q 2022, mainly due to business expansion and production of fast-moving consumer goods (FMCG), which required additional human resource capital, research and development expenditure, and marketing.
For the first six months ended 31 December 2022 (1H 2023), the Group recorded a revenue of RM5.46 million, which is a RM11.48 million decrease from the RM16.94 million registered in 1H 2022. The Group reported a LBT of RM0.43 million for 1H 2023 compared to a PBT of RM1.25 million in the corresponding period in the previous financial year.
Azri Azerai, Executive Director of Malaysian Genomics, said, “Our Group remains committed to sustaining growth over the longer term by focusing on immunotherapy and cell therapies under the biopharmaceutical business we are expanding through our distribution network in the Middle East and Southeast Asia. We are also developing new FMCG products to offer to these new markets while seeking to expand into other markets. Our recent initiatives include a commercial collaboration on an innovative genetic test for reproductive health and the development of novel phytopharmaceuticals with potential therapeutic and commercial value.”
“The financial performance for the quarter under review was mainly affected by the need to spend in support of the pivot to biopharmaceuticals, which the Group is well positioned to take advantage of given our track record as a leading provider of genetic screening and genome analysis services,” he added.
Malaysian Genomics Resource Centre Bhd: 0155 [BURSA: MGRC] [RIC: MGRC:KL] [BBG: MGRC:MK], http://www.mgrc.com.my/
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