KUALA LUMPUR: Malaysian Genomics Resource Centre Bhd (MGRC) posted a net profit of RM1.01mil in the second quarter ended Dec 31, 2021 (2Q22) compared with a net loss of RM1.55mil in the same period a year prior.

       The improved performance was due to its successful penetration into the distribution of immunotherapy and cell therapies, which contributed to a higher margin.

       Revenue for the quarter surged to RM7.62mil against RM136,000 a year ago, mainly due to the introduction of the biopharmaceutical services, i.e Covid-19 vaccine administration and distribution, distribution of immunotherapy and cell therapies.

       MGRC said the biopharmaceutical services contributed approximately 78% of the total revenue while 22% was generated from the genetic screening services and molecular biology tests.

       For the first six months to Dec 31, MGRC posted a net profit of RM1.25mil on revenue of RM16.94mil.

       “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 the distribution of higher margin immunotherapy and cell therapies.

       “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,” executive director Datuk Alvin Nesakumar said in a statement.

       Meanwhile, MGRC has also announced the redesignation of Noor Azri Sri Noor Azerai as an executive director effective Feb 16, 2022, from independent director previously.

       Azri is currently an executive director of Bintai Kinden Corp Bhd, and an independent non-executive director in both Serba Dinamik Holdings Bhd and NWP Holdings Bhd.