KUALA LUMPUR (Aug 19): Pharmaniaga Bhd’s net profit increased to RM9.98 million for the second quarter ended June 30 (2QFY20), up 7.52% from RM9.28 million a year earlier, boosted by higher sales of personal protective equipment (PPE) due to the COVID-19 pandemic.

Quarterly revenue grew 7.31% to RM646 million from RM602 million a year ago driven by increased demand in the non-concession business, the group said in its financial results filing with Bursa Malaysia today.

Earnings per share (EPS) stood at 3.81 sen compared to 3.55 sen for 2QFY19, according to Pharmaniaga’ filing with Bursa Malaysia.

The group declared a second interim dividend of 2.5 sen per share to be paid on Oct 6, 2020.

In a separate statement, Pharmaniaga acting managing director Mohamed Iqbal Abdul Rahman said the group also continued to ensure a stable stream of medicines and medical supplies to Ministry of Health facilities, coupled with provision of logistics and distribution services.

“Moving forward, the group remains committed to strengthening operations across all its divisions and endeavouring in new ventures in line with the current healthcare industry. Along with serving the healthcare requirements of the public, this will enable the group to continue delivering better results.

“Taking a longer-term perspective, the group is focused on enhancing prospects by improving manufacturing and operational efficiencies, as well as progressing in our research and development efforts. This will allow us to tap on new opportunities, both in Malaysia and in our overseas markets, to ensure the sustainable growth of the group in the years ahead,” he said.

For the cumulative six-month period ended June 30, 2020 (6MFY20), the pharmaceutical firm chalked up a net profit of RM32.38 million, up 12.04% from RM28.9 million for 6MFY20 on higher revenue of RM1.47 billion versus RM1.39 billion.

EPS for the period expanded to 12.38 sen from 11.05 sen previously.

Year to date, Pharmaniaga’s share price has more than doubled to RM2.36 per share. Shares in Pharmaniaga closed unchanged at RM4.42 today, giving it a market capitalisation of RM1.16 billion.