Kuala Lumpur, Feb 28: Malaysian Genomics Resource Centre Berhad (MGRC), a prominent player in the genomics and biopharmaceutical industry, has announced its financial results for the fiscal year ending 31 December 2023.
The company reported a total revenue of RM12.9 million, underpinned by its strategic emphasis on cell therapies, which have become a significant revenue stream for MGRC, showcasing its commitment to biopharmaceutical innovation and growth.
Despite challenges presented by a fluctuating market, MGRC has maintained its focus on advancing its cell therapy and immunotherapy services.
This commitment, coupled with growth in genetic screening and ventures into new markets, including the FMCG sector, supports the company’s vision for long-term sustainability and expansion.
The last quarter of FY2023 (Q6) saw an increase in revenue to RM2.2 million, up from RM1.6 million in the same quarter of the previous fiscal year.
However, the quarter also experienced an increase in Loss Before Tax (LBT) to RM7.5 million, attributed primarily to a one-off impairment loss and higher marketing and administrative expenses.
The slight dip in revenue from Q5 FY2023’s RM2.3 million was mainly due to a decrease in the genomics segment, with LBT rising due to similar costs.
In a strategic move to enhance leadership and oversight, MGRC is delighted to announce the appointment of Mohammad Hasni Ibrahim and Datuk Wira Muhammad Faizal Zainol as independent and non-executive directors.
Both appointees bring a wealth of experience in corporate finance and the financial sector, promising to contribute significantly to MGRC’s strategic direction.
Azri Azerai, Executive Chairman of Malaysian Genomics, expressed optimism about the company’s direction, emphasizing the strategic focus on cell therapies and biopharmaceutical innovation.
The addition of the new directors is seen as a valuable enhancement to the board, expected to further MGRC’s growth and innovation in genomic and cell therapy solutions.
Looking ahead, MGRC is poised to lead in providing genetic screening, genome analysis, and biopharmaceutical services in Southeast Asia.
The company’s advanced facilities and strategic reorganization into four focused verticals underscore its commitment to meeting the healthcare sector’s needs comprehensively.
MGRC has also engaged in significant partnerships and collaborations, including agreements with Yayasan Kanser Malaysia and AntChain Technology Pte. Ltd., to integrate advanced technologies in healthcare solutions.
Furthermore, MGRC has addressed legal proceedings initiated by an Independent Non-Executive Director concerning transactions with several entities.
The company’s legal team is actively managing these matters, with the assurance that they will not impact operational activities.
MGRC’s financial results for FY2023 reflect a strong commitment to innovation and growth in the biopharmaceutical field, with strategic moves aimed at enhancing its market position and addressing healthcare challenges through advanced genomic and cell therapy solutions.
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