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Mega Lifesciences Plc (MEGA) has come out to assure that its performance for the 3rd quarter is likely to be better than those it recorded during the 2nd quarter of this year as the firm looks to launch new products into the market.
Vivek Dhawan CEO at MEGA said that the trend continues to see excellent performance of Q3 following announcement of the 2nd quarter of the year. MEGA said that its sales continue to see a rise after the firm already launched as many as 9 out of the planned 26 products it had hoped to launch.
“During Q3 things are going well, and revenues has seen a continued rise,” Vivek told at the Opportunity Day at the Stock Exchange of Thailand (SET).
MEGA manufactures, markets and sell nutraceutical products, generic prescription pharmaceutical products, and OTC products under ‘Mega We Care’ brand through a distribution network and third-party distributors in 35 countries around the world.
“The expectation is that revenues will rise between 5-10% and profits from 2023-2025 will reach 2.5 billion Baht annually,” he said.
During 2021 MEGA had reported a net profit of 1.95 billion Baht, which was a rise from 1.39 billion Baht in 2020. For the 6-months of 2022 MEGA’s profits stood at 1.18 billion Baht.
MEGA is a distributor of pharmaceutical, nutraceutical products and Fast-Moving Consumer Goods or FMCG in an international league. Currently, MEGA are a leading distributor in developing countries with high growth trends such as Myanmar, Vietnam, and Cambodia.
Vivek added that the markets that are continuing to show strength are Thailand, Vietnam and Africa.
As for Indonesia, a country with one of the highest populations in Asean, MEGA said that it has continuously launched new products and has been penetrating the highly lucrative market. The products such as medicines and vitamins are all being gradually launched in Indonesia that would make Indonesia among the key markets like Thailand in the very near future.
In regard to Myanmar, which is also a decent proportion of the company’s portfolio, the company has seen its medicine sale account for 80% and 20% for vitamins.
Currently there is no effect from coup d’état, the selling and the receiving of funds was still in a normal situation.
Vivek said that he believes that if the situation returns to normalcy in Vietnam, , the performance in Myanmar will go back to see the sales revenue to increase by 25-30%, similar to the kind of growth MEGA used to see in the past.