Malaysian Genomics Resource Centre Berhad Records Significant Increase in Revenue of RM7.63 Million

About this update from Malaysian Genomics Resource Centre Bhd.

- Group swings back to profitability on distribution of immunotherapy treatment - Redesignation of Noor Azri bin Dato' Sri Noor Azerai as Executive DirectorPETALING JAYA, MALAYSIA - Malaysian Genomics Resource Centre Berhad ("MGRC" or "the Group"), a leading genomics and biopharmaceutical specialist, today announced that it recorded revenue of RM7.63 million for the second quarter ended 31 December 2021 ("2Q FY2022"), a significant increase of RM7.49 million compared with revenue of RM0.14 million for the corresponding quarter of the previous year. The increase in revenue stems from the contribution of the Group's biopharmaceuticals division, which contributed 78% of total revenue and was largely due to the distribution of immunotherapy and cell therapies as well as COVID-19 vaccine distribution and administration. MGRC registered profit after tax ("PAT") of RM1.01 million for 2Q FY2022 compared with a loss of RM1.55 million in the previous corresponding quarter, with the swing back to profitability due to the higher margins from the distribution of immunotherapy and cell therapies. For the first six months ended 31 December 2021 ("1H FY2022"), the Group registered revenue of RM16.94 million, which is an increase of RM16.72 million compared with revenue of RM0.22 million in the corresponding period of the previous financial year. MGRC registered PAT of RM1.25 million for 1H FY2022 compared to a loss of RM2.39 million in the corresponding period of the previous financial year. Dato' Alvin Nesakumar, Executive Director of MGRC, said, "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 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 year." Alvin added, "As the economy continues to recover, we are seeing important opportunities for innovative commercial partnerships and collaborations in the fields of genomics and biopharmaceuticals. We look forward to announcing these new initiatives in the coming .(C) 2022 M2 COMMUNICATIONS, source M2 PressWIRE

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