KUALA LUMPUR: G3 Global Bhd recorded a seven-fold jump in revenue to RM18.79mil in the fourth quarter ended Dec 31, 2021, as its new healthcare division's contribution grew more than 700% from the preceding quarter.

       The artificial intelligence provider said revenue surged to RM18.79mil from RM2.29mil in the previous year, owing to robust demand for Covid-19 self-test kits.

       “G3 Global’s financial turnaround has picked up steam, especially after the diversification into the healthcare sector through the acquisition of a 51% stake in Bestinet Healthcare Sdn Bhd.

       "The outlook for Bestinet Healthcare remains promising, with orders for two million test kits in hand," said G3 Global managing director Dirk Quinten in a statement.

       However, the group's bottomline remained impacted by the kitchen-sinking exercise for its ICT division, especially with regards to items related to past collaborations with Green Packet Bhd .

       In 4QFY21, G3 Global recorded a wider net loss of RM8.67mil in the fourth quarter ended Dec 31, 2021, compared with RM6.97mil in the previous corresponding quarter.

       "This involved an impairment of RM2.9mil made on the amount owed by Green Packet Bhd for ICT products purchased from G3 Global as well as a write-off of inventories worth RM2.2mil relating to telematics and Internet of Things.

       "Excluding the impairment and write-off, G3 Global would have reported a loss before tax of only RM2.2 million in the fourth quarter of FY2021," said the group.

       Over the full financial year, G3 Global posted a net loss of RM11.3mil compared to a net loss of RM13.39mil in FY20, while revenue rose 57% to RM23.6mil compared to RM15.03mil previously.

       Moving forward, Quinten said the current momentum could bring the group back to to profitability by Q3 2022.

       He added that G3 Global will be spearheaded by a fresh board of directors, especially with Datuk Seri Aminul Islam Abdul Nor who emerged as a major shareholder in the company in November 2021.