Profit statements

MGRC returns to profit in 2Q22

KUALA LUMPUR: Malaysian Genome Resource Center Bhd (MGRC) recorded a net profit of RM1.01 million in the second quarter ended 31 December 2021 (2Q22) compared to a net loss of RM1.55 million in the same period a year earlier.

The improved performance was due to its successful penetration into immunotherapy and cell therapy distribution, which contributed to a higher margin.

Revenue for the quarter jumped to RM7.62 million from RM136,000 a year ago, mainly due to the introduction of biopharmaceutical services, namely the administration and distribution of the Covid-19 vaccine, the distribution immunotherapy and cell therapies.

The MGRC said that biopharmaceutical services accounted for about 78% of total revenue, while 22% came from genetic screening services and molecular biology tests.

For the first six months to December 31, MGRC recorded a net profit of RM1.25 million on revenue of RM16.94 million.

“The significant improvement in revenues is due to new revenue streams arising from our diversification into the biopharmaceutical sector at the end of 2020, while our return to profitability was led by the successful ramp-up of the distribution of immunotherapies and therapeutics higher margin cells.

“Our financial performance for the quarter under review is progressing positively and we believe it is strong enough for us to begin regularizing our stock market listing status,” Datuk Chief Executive Alvin Nesakumar said in a statement.

Meanwhile, the MGRC also announced the re-appointment of Noor Azri Sri Noor Azerai as Executive Director effective February 16, 2022, previously an Independent Director.

Azri is currently Executive Director of Bintai Kinden Corp. Bhd, and an independent non-executive director both at Serba Dinamik Holdings Bhd and NWP Holdings Bhd..