Hyphens Pharma 1J5 has reported earnings of $5.2 million for the 2HFY2022 ended Dec 31, 2022, around two times higher than the earnings of $2.5 million in the corresponding period the year before.
This brings the group’s FY2022 earnings to $11.4 million, 66.7% higher y-o-y.
FY2022 revenue increased by 28.9% y-o-y to $162.3 million as revenue across the group’s segments grew. During the 2HFY2022, the group’s revenue grew by 31.5% y-o-y to $81.6 million with the newly-acquired Novem contributing $7.8 million to the group’s overall revenue during the six-month period. Novem contributed $17.0 million to the group’s overall revenue during the FY2022.
Gross profit for the FY2022 increased by 30.6% y-o-y to $62.8 million with gross profit margin (GPM) increasing by 0.5 percentage points to 38.7% due to improved margin in specialty pharma principals segment. Gross profit for the 2HFY2022 increased by 36.0% y-o-y to $31.7 million in the 2HFY2022 with GPM increasing by 1.3 percentage points y-o-y to 38.9% for the same reasons as the improved GPM for the year.
Share of profit of an equity-accounted associate surged to $474,000 from $17,000 in the FY2021. The associate was acquired as part of the acquisition of Novem.
FY2022 earnings per share (EPS) stood at 3.66 cents on a diluted basis and on the group’s continuing operations.
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As at Dec 31, 2022, cash and cash equivalents stood at $36.5 million.
A first and final dividend of 1.11 cents has been proposed for the period, up from FY2021’s dividend of 0.67 cents.
“We have seen normalisation of business activities in those countries where we have presence as Covid-19 restrictions were lifted. At the same time, our strategy of organic and inorganic growth has borne fruit. Hence, we have been able to achieve significant revenue and profit growth in FY2022 and we are rewarding our shareholders for their confidence and trust with a dividend of 1.11 Singapore cents,” says Lim See Wah, executive chairman and CEO of Hyphens Pharma.
“Despite Covid-19 restrictions easing, the aftershocks of the pandemic continue to ripple. Thus, we will remain vigilant and agile in dealing with the challenges, while continuing to be steadfast in executing our plans and strategies so as to progress towards our vision of becoming Asean’s leading specialty pharmaceutical and consumer healthcare group,” he adds.
In its outlook statement, the group says its proprietary brand business will continue to be its key focus. The brands, which include Ocean Health®, Ceradan®, TDF® and CG 210® are enjoying “robust growth in sales and brand equity”, says the group.
“Hyphens Pharma will continue its strategy to nurture these brands in markets where it already has presence, seek out new international partnership opportunities to enter new markets, and invest in innovation in order to develop new and improved products under the respective brands,” it adds.
Shares in Hyphens Pharma closed flat at 37 cents on Feb 28.
