Tianjin Zhongxin Pharmaceutical Group announced earnings of RMB198.9 million ($41.8 million) in 3Q2021, up 30% from the previous corresponding period.
In 9M2021, net attributable profit stood at RMB661.5 million, a 39% increase y-o-y, mainly due to an increase in sales.
See: Tianjin Zhongxin posts 12% rise in 1Q earnings to $27 mil
The company’s 3Q2021 revenue at RMB1.7 billion is a 3% y-o-y, while the revenue in 9M2021 at RMB5.35 billion is a 8% increase y-o-y. This is primarily due to the lower revenue recorded in the previous corresponding period as a result of the Covid-19 pandemic.
Cost of sales fell 6% to RMB1.01 billion from RMB1.08 billion in 3Q2020, while marketing and distribution costs increased by 11% to RMB374 million.
In 3Q2021, Tianjin Zhongxin gross profit increased by 19% y-o-y to RMB696 million, while gross profit in 9M2021 increased 14% to RMB2.2 billion.
Gross profit margin in 9M2021 increased to 41% from 39% recorded in the same period in the preceding year.
As at Sept 30, Tianjin Zhongxin cash and cash equivalents amounted to approximately RMB2.14 billion, 8% higher than that of end-Dec 2020.
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In its outlook, the company says it seeks to further improve its scientific research and innovation ability, as well as strengthen business awareness, reduce operating costs, improve product market coverage and enhance its brand value.
Shares in Tianjin Zhongxin closed 4 US cents higher or 3.7% up at US$1.12 on Oct 29.
