KUALA LUMPUR: Pharmaniaga Bhd will continue to improve operational efficiency and stringent cost control measures to be resilient and re-emerged stronger amid its challenging financial situation.
Executive director Zulkifli Jafar said the initiatives and necessities that the company undertook in 2023 had started to yield positive results as shown by its strong performance in the first quarter (Q1) ended March 31, 2024.
Zulkifli credited Pharmaniaga's operational and business fortitude that played a crucial role in paving the way for the company's resurgence and recovery.
Pharmaniaga registered Q1 2024 profit after zakat and taxation (PAT) of almost tenfold to RM26.2 million from RM2.8 million in the same quarter last year.
"By identifying key areas of focus, we were able to strategically direct our organisational resources, driving transformative change and achieving sustainable growth," he said in a statement in conjunction with Pharmaniaga's 26th annual general meeting (AGM).
With all the initiatives throughout the financial year 2023, Pharmaniaga has achieved the extension of the concession agreement with the Ministry of Health for seven years, retrospectively from July 1, 2023.
The company has established manufacturing facilities for vaccines and insulin to expand the biopharmaceutical business.
Pharmaniaga said it had implemented comprehensive cost optimisation exercises across its business divisions.
It also launched new products for the private market and built up business operations in Indonesia by opening two new distribution centres, each at Purwakarta and Mataram.
Zulkifli said the company had established Vision 525 – a strategic plan consisting of five strategic pillars that translate the company's broader organisational goals into actionable and measurable objectives.
"The board is pleased with the company's performance and has endorsed Vision 525, which creates hope for the future and ensures the plan will be well executed.
"We will continue to support the Management in implementing the initiatives under this vision," he added.
At the AGM, all resolutions were approved by the shareholders.
