Higher demand for medical devices lifted UMedic Group Q4 earnings

Sep 13, 2022 | News | 0 comments

KUALA LUMPUR: UMedic Group Bhd (UMC) posted a net profit of RM568,000 for its fourth quarter (Q4) ended July 31, 2022 (FY22) mainly contributed by both the marketing, distribution and manufacturing segments.

There are no comparative figures for the preceding year corresponding quarter as this was the second interim financial report announced by the company in compliance with the Listing Requirements.

The company stated the increase in its Q4 net profit was mainly due to a higher demand for medical devices and consumables from both public and private hospitals as well as healthcare service providers.

Revenue for the quarter came in at RM7.41 million contributed by the sale of its manufactured medical consumables, namely HydroX series prefilled humidifiers with a better foreign exchange rate for overseas revenue.

During the current quarter, the company had also commercialised its AirdroX series inhaler spacers. For its FY22, net profit rose 26.3 per cent year-on-year (YoY) to RM6.43 million from RM5.09 million in FY21.

Revenue increased 48.7 per cent to RM50.74 million from RM34.12 million attributed to the higher demand for medical devices and consumables given the continued domestic and foreign investments.

UMC’s marketing and distribution segment accounted for 80.1 per cent of the total revenue with the remaining coming from the manufacturing segment which has been gaining traction since its introduction.

Executive director and chief executive officer Lim Taw Seong said following the successful debut on the ACE Market, UMC has delivered outstanding financial results with consecutive years of

growth due to the vibrant and strong demand for medical devices and consumables.

“We believe that this is a good indication of what to expect in the coming years given the recovery of the economy along with the various growth drivers like healthcare tourism as well as the support from the government which will spur our business growth.

“Given that UMC is still at a growth phase, we believe that we remain well positioned to capture all these opportunities which are aligned with our plans for UMC as a whole,” he said.