Profits double at medical Disposables and Supplies
Company recovering after pandemic fallout
Sales at Medical Disposables & Supplies (MDS) are beginning to normalise, resulting in profits more than doubling in 2020. The management of the medical supplies provider has acknowledged that the company was hit hard by the pandemic, noting that, “the first quarter was particularly harsh on business but the group started to realise a turnaround by the end of the second quarter.”
The management added that by end of the financial year, sales across the group had normalised and, in some cases, outpaced previous performance. With the continued inoculation of the population, MDS is more optimistic for a return to normalcy in the medium term.
Big jump in 2020 net profit
For the financ ial year ended on March 31, 2021, net profit jumped by 101 per cent to $69.61 million coming from $34.56 million in the previous year. For the fourth quarter alone, net profit went up to $57.32 million, coming from $5.39 million recorded for the March 2020 quarter.
For the year ended March 31, 2021, MDS reported $2.42 billion for revenue, a two per cent decline relative to $2.48 billion booked the previous year. For the March 2021 quarter, revenues totalled $656.49 million, down 13 per cent year over year from the $755.50 million recorded for the same period in 2020.
COVID-19 protocols Blamed for Declining revenues
MDS has blamed the COVID-19 protocols for the decline in revenues. According to the company directors, “in March 2020 the Government implemented curfews and shuttered businesses. This resulted in reduced business activity and demand for goods and services, particularly the demand for non-essentials products.”
The directors added that, “fortunately, for Medical Disposable and Supplies Limited, there was an increase in the demand for pharmaceuticals, especially medication for the treatment of lifestyle diseases such as hypertension and diabetes.”