KUALA LUMPUR: Solution Group Bhd (SGB) registered revenue of RM31.78 million for the third quarter (Q3) ended 30 September 2021 (FY21), a 500.93 per cent jump from the RM5.29 million recorded in the same quarter last year.
The company's pre-tax profit and net profit also showed improvement compared to Q3 FY20, rising 428.77 per cent and 304.68 per cent at RM3.05 million and RM2.34 million respectively.
For the nine months (9M), SGB registered a revenue of RM45.91 million, an increase of 276.04 per cent compared to RM12.21 million for 9M FY20.
Both pre-tax profit and net profit for 9M FY21 showed significant improvement of 746.27 per cent and 384.16 per cent at RM2.73 million and RM1.56 million respectively.
The positive growth in revenue for 9M FY21 was led by SGB's biopharma and renewable energy divisions, which contributed RM37.72 million to the total revenue compared to RM0.19 million in 9M FY20.
Group managing director Barry Lim said with the positive earnings, the company was heading in the right direction with its strategy to diversify into the healthcare and green energy business.
"Our wholly-owned subsidiary Solution Biologics Sdn Bhd (SBSB), will be able to market the Convidecia Covid-19 vaccine to the private market such as hospitals, clinics, as well as the corporate and manufacturing sectors in Malaysia starting from December 2021," he said in a statement today.
On November 16, SGB obtained approval from the Ministry of Health (MoH) to begin private sales of the CanSino Biologics Inc's (CanSino) Convidecia Covid-19 vaccine.
SCB expects local production in its fill and finish (F&F) facility to begin soon, as the Good Manufacturing Practice (GMP) audit has been conducted by the National Pharmaceutical Regulatory Agency (NPRA) in early October, with the certification expected by December 2021.
SGB has also applied to NPRA for CanSino Convidecia Covid-19 vaccine to be used as a booster shot in the National Immunisation Programme.
To date, SBSB has completed the delivery of 2.9 million doses of the Covid-19 vaccine to MoH, with the remaining 600,000 doses to be delivered by mid-December.
"Looking ahead, SGB prospects to remain positive, with our F&F facility, which has a production capacity of 3 million vials of vaccine per month is pending the approval from NPRA to commence its operations.
"While we are waiting on the GMP approval, we would like to emphasise that we have an ample supply of finished products from CanSino, which will allow us to generate sales through distribution and meeting the demand from the private sector," Lim said.
"We have also submitted for product registration in several Asean countries with our local partners and hope to receive approval soon. It will enable us to access a wider market for the CanSino vaccine."