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| Wednesday, 2 August 2023, 21:38 HKT/SGT | |
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| Demonstrating Strong Business Performance and Competitive Strengths |
HONG KONG, Aug 2, 2023 - (ACN Newswire) - Kingworld Medicines Group ("Kingworld Medicines" or the "Group", stock code: 01110.HK), a leading healthcare distribution company, announced a projected rise in profit for the first half of the fiscal year. Based on a preliminary assessment of the unaudited consolidated management accounts of the Group for the six months ending June 30, 2023, the Group anticipates a profit surge ranging from approximately 35% to 40% for the period, compared to the same period last year.
The Board attributes this profit increase to increased revenue and gross profit stemming from the distribution of imported branded pharmaceutical and healthcare products in China, with growth rates reaching approximately 30% to 35% and 15% to 20%, respectively. Additionally, the Group's share of profit from a joint venture saw a boost of approximately 55% to 60% compared to the same period last year. This surge is attributed to the market recovery after the COVID-19 pandemic control measures.
Kingworld Medicines is a company specializing in the distribution of imported branded pharmaceutical and healthcare products in China. The Group adeptly navigated post-pandemic market changes, propelling business expansion by leveraging its industry strengths.
Mr. Zhao Lisheng, Chairman of the Board of Kingworld Medicines Group, commented: "The Group's profit increase was mainly due to market recovery and the Group's employees' unremitting efforts, which adapted post-pandemic. The Group's strengths lie in its strong capabilities in distributing pharmaceutical and healthcare products and its acute insights into the market. Besides, the Group has achieved long-term steady growth by continuously improving efficiency and expanding its business."
Looking ahead, Kingworld Medicines Group will continue to focus on increasing market share, expanding business coverage, and improving efficiency to further enhance the company's profitability and market competitiveness.
Topic: Press release summary
Sectors: Healthcare & Pharm
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From the Asia Corporate News Network
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