UMediC Group Berhad (UMC) recorded revenue of RM12.0 million with an increase of 62.1% year-on-year for the fourth quarter of its financial year ended 31 July 2023 (“Q4FYE2023”).
UMC reported a profit before tax (PBT) of RM4.5 million and profit after tax (PAT) of RM3.4 million. This translated to an increase in PAT of 491.4% as compared to the corresponding quarter in the previous year.
For the cumulative 12 months, the medical device company recorded a 60.5% increase in PAT to RM10.3 million on the back of a revenue of RM45.4 million as compared to FYE2022. The commendable set of results was driven by the growth of its manufacturing business division which recorded a revenue increase of 48.0%.
UMC executive director/chief executive officer Lim Taw Seong commented, “We are proud to close the financial year with a strong set of results. This is mainly due to the strong performance of our manufacturing division.
“Moving forward, we foresee a continuous growth in our business. This is mainly due to the promising growth of the global medical devices market as it is projected to reach USD799.7 billion with a compound annual growth rate of 5.9% between the year 2023 to 2030. As global awareness on health increases, the number of patients undergoing early diagnostic and surgical procedures will increase. As a result, it fuels the global demand for medical devices and medical consumables.”
Locally, the Ministry of Health has allocated RM36.3 billion under Budget 2023, some 12.0% higher or RM3.9 billion against the previous year’s allocation of RM32.4 billion. This is the second highest budget allocation which attests to the government’s continued emphasis on the healthcare sector.”
– Business Today –