MGRC records significant increase in revenue of RM7.63 million
KUCHING: Malaysian Genomics Resource Centre Bhd (MGRC), a leading genomics and biopharmaceutical specialist, has recorded revenue of RM7.63 million for the second quarter ended December 31, 2021 (2QFY22), a significant increase of RM7.49 million compared with revenue of RM0.14 million for the corresponding quarter of the previous year.
The increase in revenue stems from the contribution of the group’s biopharmaceuticals division, which contributed 78 per cent of total revenue and was largely due to the distribution of immunotherapy and cell therapies as well as Covid19 vaccine distribution and administration.
MGRC registered profit after tax (PAT) of RM1.01 million for 2QFY22 compared with a loss of RM1.55 million in the previous corresponding quarter, with the swing back to profitability due to the higher margins from the distribution of immunotherapy and cell therapies.
For the first six months ended December 31, 2021 (1HFY22), the group registered revenue of RM16.94 million, which is an increase of RM16.72 million compared with revenue of RM0.22 million in the corresponding period of the previous financial year.
MGRC registered PAT of RM1.25 million for 1HFY22 compared to a loss of RM2.39 million in the corresponding period of the previous financial year.
“The significant improvement in revenue was due to the new revenue streams arising from our diversification into the biopharmaceuticals sector in late 2020 while our return to profitability was led by the successful ramp up in distribution of higher margin immunotherapy and cell therapies,” MGRC executive director Dato’ Alvin Nesakumar said.
“Our financial performance for the quarter under review is progressing positively and we believe it is strong enough for us to start regularising our stock listing status.”
The group also announced the redesignation of Noor Azri bin Dato’ Sri Noor Azerai as an executive director from independent director previously. His redesignation took effect from February 16, 2022.
Azri Azerai is currently an executive director of Bintai Kinden Corporation Bhd (Bintai Kinden) and an independent non-executive director in both Serba Dinamik Holdings Bhd and NWP Holdings Bhd.
“We welcome Azri Azerai as our executive director as he shares the same vision for MGRC’s future as the region’s leading precision and personalised healthcare services company.
“He has the experience in helping the turnaround of Bintai Kinden’s financial performance to black subsequent to his appointment on its Board in July 2021, following which he was redesignated as the deputy chief executive officer (CEO) within a year.
“As the economy continues to recover, we are seeing important opportunities for innovative commercial partnerships and collaborations in the fields of genomics and biopharmaceuticals.
“We look forward to announcing these new initiatives in the coming months.”