Caring 3Q net profit grows on higher sales and new outlets

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KUALA LUMPUR (April 24): Caring Pharmacy Group Bhd reported a net profit of RM5.67 million for its third quarter ended Feb 28, 2019 (3QFY19), up nearly 10% from RM5.16 million a year ago on the back of higher sales from its existing outlets and the establishment of nine new outlets over a 12-month period.
 
“During the quarter under review, we have established additional three complex outlets,” Caring said in a stock exchange filing today. The pharmacy chain added that higher other operating income also contributed to an increase in net profit year-on-year.
 
Quarterly revenue grew on a similar pace of nearly 10% to RM143.36 million from RM130.48 million a year ago, the group said.
 
For the nine-month period ended Feb 28, 2019, Caring achieved a 22.14% growth in net profit to RM15.5 million, while revenue over the period climbed 12.24% year-on-year to RM425.61 million.

Although Caring expects the operating environment to remain competitive, it will continue to open more outlets and improve its marketing strategies in the last quarter of FY19 financial year.
 
“The Board of Directors believes that the group will continue to achieve higher sales in the next quarter,” it said.
 
Shares in Caring declined two sen to close at RM1.93. Its market capitalisation is at RM420.17 million.