Home English News Business Pharmaniaga posts steady Q1 profit, to expand vaccine business as Covid-19 rages   

Pharmaniaga posts steady Q1 profit, to expand vaccine business as Covid-19 rages   

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Pharmaniaga posts steady Q1 profit, to expand vaccine business as Covid-19 rages   

KUALA LUMPUR: Pharmaniaga Bhd said revenue from its Sinovac Covid-19 concession business to start coming in from the June quarter onwards.

“The distribution of the first batch of 290,480 doses of the vaccine to the market has commenced on May 11,” the company said in a filing with Bursa Malaysia today.

“As one of the largest pharmaceutical companies in Malaysia, the Group is focused on the supply and distribution of Covid-19 vaccines, which are expected to persist given new waves of cases around the world,” it added.

Pharmaniaga, in March, has entered into a deal China-based Sinovac Biotech Ltd to manufacture Covid-19 vaccines in Malaysia.

The company, on Thursday, posted a net profit of RM23.1mil, or 8.8 sen a share in the first quarter ended March 31.

It has declared an interim dividend payout of 4 sen a share.

“As part of the long-term sustainable growth plans, the Group aims to accelerate the growth of the vaccine manufacturing business by embarking on a Halal vaccine project,” Pharmaniaga said.

“This will see the Group establishing the world’s first Halal vaccine facility, which is targeted for completion by 2024, creating a new income stream,” it added.



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