SGB records 500 per cent surge in 3Q revenue, driven by supply of Covid-19 vaccine
KUALA
LUMPUR: Solution Group Bhd (SGB) registered revenue of RM31.78 million for the third quarter of the financial year 2021 (3QFY21), an increase of 500.93 per cent compared with the RM5.29 million recorded in 3QFY20.
In a statement, it explained that the company’s profit before tax (PBT) and profit after tax (PAT) also showed improvement compared with 3QFY20, rising 428.77 and 304.68 per cent at RM3.05 million and RM2.34 million respectively, as compared to RM0.58 million for both PBT and PAT for the same quarter of the preceding year as higher sales contributed to the jump in PAT.
For the first nine months of FY21 (9MFY21), SGB registered revenue of RM45.91 million, an increase of approximately 276.04 per cent as compared to RM12.21 million for 9MFY20. Both PBT and PAT for 9MFY21 showed significant improvement of 746.27 per cent and 384.16 per cent at RM2.73 million and RM1.56 million respectively, compared to RM0.32 million recorded for both PBT and PAT for 9MFY20.
The growth in revenue for 9MFY21 was led by SGB’s biopharma and renewable energy divisions, contributing RM 37.72 million to the total revenue, as compared to RM0.19 million on the 9MFY20.
SGB group managing director Barry Lim said: “On November 16, 2021, SGB has obtained approval from the Ministry of Health (MOH) to begin the private sales of the CanSino Biologics Inc’s (CanSino) Convidecia Covid-19 vaccine.
“Our wholly-owned subsidiary, Solution Biologics Sdn Bhd (SOLBIO), will be able to market the Convidecia Covid-19 vaccine to the private market such as hospitals, clinics, as well as the corporate and manufacturing sectors in Malaysia starting from December 2021.
“At the same time, we are also expecting local production in our fill and finish (F&F) facility to begin soon, as the Good Manufacturing Practice (GMP) audit has been conducted by the National Pharmaceutical Regulatory Agency (NPRA) in early October, with the certification expected to reach us by December 2021.
“SGB has also applied to NPRA for CanSino Convidecia Covid-19 vaccine to be used as a booster shot in the National Immunisation Programme.
“To date, SOLBIO has completed the delivery of 2.9 million doses of the Covid19 vaccine to MOH, with the remaining 600,000 doses to be delivered by mid-December.
“Looking ahead, SGB prospects to remain positive, with our F&F facility, which has a production capacity of three million vials of vaccine per month is pending the approval from NPRA to commence its operations.
“While we are waiting on the GMP approval, we would like to emphasise that we have an ample supply of finished products from CanSino, which will allow us to generate sales through distribution and meeting the demand from the private sector.”
SGB has also submitted for product registration in several Asean countries with our local partners and hope to receive approval soon.
“It will enable us to access a wider market for the CanSino vaccine,” Lim added.