Revenue dropped to RM3.4 billion from RM3.48 billion, representing a 2.3% decrease, mainly due to the reduction in revenue from its concession business as a result of a lower budget allocation.
For the fourth quarter (Q4), its net loss shrank to RM32.72 million from a loss of RM644.39 million, while revenue slid to RM789.81 million from RM862.72 million in the previous year.
The pharmaceutical group said it sees a promising outlook this year following a comprehensive restructuring of business operations and the implementation of numerous initiatives aimed at revitalising the group.
“The narrowed losses were anchored by a coherent strategic blueprint, articulated through five principal pillars – fortifying our engagement in the public sector, enhancing our biopharmaceutical endeavours, streamlining costs, expanding into private markets, and transforming our operations in Indonesia.
“These efforts are intended to promote long-term growth and spark opportunities for value creation,” it said in a stock exchange filing.
Pharmaniaga revealed that it is finalising a vaccine development grant from the science, technology and innovation ministry.
“This grant not only underscores the government’s support for our endeavours but will also position the group at the forefront of healthcare innovation, particularly in the critical area of vaccine development,” it said.
The group said that it will continue to navigate through several challenges that impact its financial and operational performance.
“Factors such as global fluctuations in the US dollar, increased finance costs due to the rising overnight policy rate (OPR), elevated electricity tariffs, and higher labour costs following amendments in the Employment Act collectively exert pressure on our margins and overall profitability.
“In addressing these challenges, the group remains dedicated to the initiatives on improving profit margin and cost optimisation to ensure resilience and sustainability,” it said.
As at 4.00pm, Pharmaniaga’s share price was unchanged at 38 sen, giving it a market capitalisation of RM540.46 million.