PETALING JAYA: Pharmaniaga Bhd will continue to leverage on improving operational efficiency and stringent cost control measures that has proven to have helped the group to be resilient and re-emerge stronger amid ts challenging financial situation.
During Pharmaniaga’s 26th annual general meeting (AGM) in Mutiara Damansara and broadcast live today, executive director Zulkifli Jafar said, “I am pleased all the initiatives and the necessities that we undertook in 2023 have started to yield positive results as shown by the group’s strong performance in the first quarter ended March 31,2024 (Q1’24) with profit after zakat and taxation that surged almost tenfold to RM26.2 million, up from RM2.8 million in the same quarter last year.”
Zulkifli credited Pharmaniaga’s remarkable operational and business fortitude that played a crucial role in paving the way for the group’s resurgence and recovery. He said that by identifying key areas of focus, it was able to strategically direct its organisational resources, driving transformative change and achieving sustainable growth.
In financial year 2023, the group’s achievements included the extension of its concession agreement with the Ministry of Health for seven years, retrospectively from July 1, 2023; establishment of manufacturing facilities for vaccines and
insulin to expand the biopharmaceutical business continued to be on track; the implementation of comprehensive cost optimisation exercises across its business divisions; the launch of new products for the private market; and building up business operations in Indonesia by opening two distribution centres, one each at Purwakarta and Mataram.
“To drive our way forward, we established Vision 525 – a strategic plan comprising five strategic pillars that translate the group’s broader organisational goals into actionable and measurable objectives,” said Zulkifli adding that the pillars are strengthening public sector business, building biopharmaceutical capability, optimising cost aggressively, growing the private market, and reinventing the Indonesia market.
During the AGM, all resolutions set out in the notice of AGM dated May 3, 2024 were approved by the shareholders.
