MGRC Swings Back to Profit; Records Significant Increase in Revenue of RM7.63 Million

PETALING JAYA (16 Feb): Malaysian Genomics Resource Centre Berhad (MGRC, Bursa :  0155) today announced that it recorded revenue of RM7.63 million for the second quarter ended 31 December 2021 (2Q FY2022), a significant increase of RM7.49 million compared with revenue of RM0.14 million for the corresponding quarter of the previous year.

MGRC is a leading genomics and biopharmaceutical specialist.

The increase in revenue stems from the contribution of the MGRC's biopharmaceuticals division, which contributed 78% of total revenue and was largely due to the distribution of immunotherapy and cell therapies as well as COVID-19 vaccine distribution and administration.

MGRC registered profit after tax (PAT) of RM1.01 million for 2Q FY2022 compared with a loss of RM1.55 million in the previous corresponding quarter, with the swing back to profitability due to the higher margins from the distribution of immunotherapy and cell therapies.

For the first six months ended 31 December 2021 (1H FY2022), the Group registered revenue of RM16.94 million, which is an increase of RM16.72 million compared with revenue of RM0.22 million in the corresponding period of the previous financial year. MGRC registered PAT of RM1.25 million for 1H FY2022 compared to a loss of RM2.39 million in the corresponding period of the previous financial year.

Photo: Dato' Alvin Nesakumar

Dato’ Alvin Nesakumar, Executive Director of MGRC, said, “The significant improvement in revenue was due to the new revenue streams arising from our diversification into the biopharmaceuticals sector in late 2020 while our return to profitability was led by the successful ramp up in distribution of higher margin immunotherapy and cell therapies. Our financial performance for the quarter under review is progressing positively and we believe it is strong enough for us to start regularising our stock listing status.”

The Group also announced the redesignation of Noor Azri bin Dato’ Sri Noor Azerai (Azri Azerai) as an Executive Director from Independent Director previously. His redesignation takes effect from 16 February.  Azri Azerai is currently an Executive Director of Bintai Kinden Corporation Berhad (Bintai Kinden), and an Independent Non-Executive Director in both Serba Dinamik Holdings Berhad and NWP Holdings Berhad.

Photo: Azri Azerai

“We welcome Azri Azerai as our executive director as he shares the same vision for MGRC’s future as the region’s leading precision and personalised healthcare services company. He has the experience in helping the turnaround of Bintai Kinden’s financial performance to black subsequent to his appointment on its Board in July 2021, following which he was redesignated as the Deputy CEO within a year,” Alvin said.

“As the economy continues to recover, we are seeing important opportunities for innovative commercial partnerships and collaborations in the fields of genomics and biopharmaceuticals. We look forward to announcing these new initiatives in the coming months.”

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