Petaling Jaya, May 23: Malaysian Genomics Resource Centre Berhad, a genomics and biopharmaceutical specialist, recorded a revenue of RM0.68 million for the third quarter ended 31 March 2023 (“3Q 2023”) compared with RM5.08 million in 3Q 2022 as the Group continued the pivot towards biopharmaceuticals while focusing on the organic growth of genetic screening services.
For the quarter under review, the Group registered a loss before tax (“LBT”) of RM3.24 million compared with a profit before tax (“PBT”) of RM1.96 million.
This is largely due to increased spending to expand its existing business, as well as prepare to commence the development of products including novel biologics and protein design services that will open two new market segments for the Group.
At the same time, work has commenced on preparations for the study of the Group’s mesenchymal stem cells for the treatment of osteoarthritis, burns, and stroke, among other applications, with a view to obtaining regulatory approval from MOH as clinically-registered products in the future.
These efforts require additional investments in scientific expertise, research and development expenditure, and marketing.
The Group reported revenue of RM6.14 million for the nine months ended 31 March 2023 (“9M 2023”) compared with RM22.03 million in 9M 2022 while a LBT of RM3.61 million was registered compared with a PBT of RM3.21 million.
“We consider the time, effort, and resources to build up the biopharmaceuticals business important to the future growth and sustainability of the Group and as such, we are confident that this effort today will bode well for our future,” Azri Azerai, Executive Director of Malaysian Genomics said.
“At the same time, we will continue to seek opportunities to grow the genetic screening business in which we have a long track record.”
“The Group will continue to engage with strategic partners across Southeast Asia, the Middle-East North Africa region, and the US to grow our distribution network for FMCG products related to cosmeceuticals, wound healing, and genetic-based fitness programs.
“We also recently partnered with Toticell Limited of Bangladesh to explore the distribution of our cosmeceutical products, genetic screening tests, and cell products to a market of approximately 165 million people. We remain committed to consistently improving access to the latest in precision and personalized healthcare solutions.”
As of 23 May 2023, MGRC’s share price is at RM0.53 sen, with a market capitalization of RM68.4 million.
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