Pharmaceuticals and medical supplies company Pasture Holdings has reversed into earnings of US$559,000 ($731,490) for FY2024 ended June 30, compared to the US$1.26 million loss it reported in FY2023.
Earnings per share for FY2024 stood at 0.42 US cents, up from a loss per share of 1.15 US cents in the previous financial year.
The group’s revenue rose 44.9% y-o-y to US$14.1 million for FY2024, from US$9.70 million in FY2023.
This came on the back of the growth of its pharmaceutical wholesale and drop-shipment business, whose revenue grew 43.7% y-o-y to US$13.86 million in FY2024. This was largely driven by new customer acquisitions and more orders from existing customers.
Additionally, the group’s mask and medical supplies business experienced a recovery in growth. Revenue from this segment grew more than 300% to US$154,000 for FY2024.
Gross profit stood at US$3.47 million for FY2024, up more than two times y-o-y from US$1.73 million in FY2023.
See also: Pasture Holdings begins operations at new and bigger cold chain warehouse
This similarly translated to a gross profit margin in FY2024 of 24.6%, up 6.8% y-o-y. The margin expansion was mainly due to higher revenue and related operational efficiencies achieved.
In an Aug 22 announcement, the group says its business outlook remains positive due to strong global demand for pharmaceuticals and medical supplies. This is driven by a global ageing population which, in turn, leads to a rising frequency of chronic illnesses and higher health spending by governments, says Pasture Holdings.
This comes alongside the growing requirement for cold storage in medicines, which is expected to continue with approximately 50% of the medicines to be launched over the next five years requiring cold storage and distribution.
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The group has since increased its capacity by expanding a cold chain warehouse as at April, which Pasture Holdings says will ensure it is “well-positioned” to seize opportunities in both the pharmaceuticals and medical supplies markets.
Lloyd Soong, CEO and executive chairman of Pasture Holdings, says: “We are very pleased with the profit turnaround for FY2024 supported by new customer acquisitions and increased accounts from our existing customer base.”
Shares in Pasture Holdings closed flat at 3.2 cents on Aug 22.
