KUALA LUMPUR (May 21): Pharmaceutical company YSP Southeast Asia Holding Bhd (KL:YSPSAH) has reported its highest quarterly net profit and revenue since its listing in 2004, attributing the impressive first-quarter performance to improved operating efficiency and increased sales.

Net profit for the three months ended March 31, 2024 (1QFY2024) climbed 27.9% to RM13.83 million, from RM10.82 million a year earlier, YSP said in an exchange filing on Tuesday. Earnings per share rose to 9.75 sen from 7.67 sen.

Quarterly revenue increased 13.64% to RM108.63 million, from RM95.59 million for 1QFY2023, on the back of higher sales of pharmaceutical products in both the domestic and overseas markets.

YSP said demand for pharmaceutical products and over-the-counter drugs continued to grow, amid health awareness and fear of new virus variants, coupled with improvement in internal and external demand.

“With consumers in Malaysia becoming more health conscious, it has contributed to revenue growth for pharmaceutical products in the market,” the company noted.

On a quarter-on-quarter basis, YSP’s net profit jumped 69.84%, from RM8.14 million for 4QFY2023, driven by increased demand for its pharmaceutical products. Revenue grew 21.61% from RM89.33 million.

Despite the positive pharmaceutical growth outlook, YSP said it is cautiously optimistic about maintaining full-year growth, while taking a “cautious approach in reviewing and monitoring market conditions to be in line with changing market trends”.

Shares in YSP, which charted to an almost 15-month high on Monday, closed unchanged at RM2.60 on Tuesday, valuing the company at RM368.8 million. The counter has gained 13.04% year-to-date.