KUALA LUMPUR (Sept 12): UMediC Group Bhd’s net profit for the fourth quarter ended July 31, 2023 (4QFY2023) surged fivefold to RM3.37 million, from RM568,000 a year earlier, on the back of higher demand for medical devices and consumables from both public and private hospitals.

In a bourse filing on Tuesday, the company, which markets and distributes various branded medical devices and consumables, said revenue for the quarter jumped to RM12.02 million, from RM7.41 million a year ago.

Earnings per share stood at 0.90 sen, versus 0.15 sen previously.

UMediC did not declare any dividend.

For the full year, net profit rose to RM10.32 million from RM6.43 million, despite posting a lower revenue of RM45.43 million versus RM50.74 million.

In a separate statement, UMediC executive director/chief executive officer Lim Taw Seong said the results were mainly due to the strong performance of its manufacturing division.

He said that moving forward, the group sees continuous growth in its business.

“This is mainly due to promising growth of the global medical devices market, as it is projected to reach US$799.7 billion (RM3.74 trillion), with a compound annual growth rate of 5.9% between 2023 and 2030.

“As global awareness of health increases, the number of patients undergoing early diagnostic and surgical procedures will increase.

“As a result, it fuels global demand for medical devices and medical consumables,” said Lim.

At the midday break, UMediC had risen 3.77% or three sen to 82.5 sen, with 2.74 million shares traded, giving it a market value of RM308.5 million.