KUALA LUMPUR: Pharmaniaga Bhd recorded a net profit of RM27.73mil in the first quarter ended March 31, 2022, a 19.8% increase over RM23.14mil in the previous corresponding quarter.

       The pharmaceuticals group reported revenue of RM962.17mil, a 21.26% improvement over the comparative quarter.

       "The improved results were mainly attributable to higher contribution by the Logistics and Distribution Division as new products were added into the Ministry of Health Malaysia’s Approved Products Purchase List, and coupled with the Indonesian Division returning to the black.

       "The accomplishment of both divisions was recorded due to the Group’s reorganisation and restructuring plans and an increase in digitalisation to enhance operational efficiency," it said in a statement.

       The board of directors declared a dividend of 0.8 sen per share with entitlement date on June 8, 2022, and payable on July 6, 2022.

       Moving forward, the group will be strengthening its business footprint in business potential given its untapped potential.

       "We will revamp the current business model of our logistics and distribution arm here, PT.Millennium Pharmacon International Tbk and increase the products portfolio of our manufacturing arm, PT Errita Pharma.

       "With strategic business and marketing plans in place, we are focusing to double up the revenue for the Indonesian division," said Pharmaniaga group managing Director Datuk Zulkarnain Md Eusope.

       He added that the group remains cautiously optimistic of its business growth given global market sentiment from the ongoing Russia-Ukraine conflict, inflationary pressures and supply chain disruptions.

       Meanwhile, the group said its collaboration in the development of the platform and system for the vaccination programme is expected to provide it with another recurring income stream and contribute to its bottom line.