29-04-2025
- Business
- New Straits Times
Steady progress to recovery, Pharmaniaga assures shareholders
KUALA LUMPUR: Pharmaniaga Bhd has assured shareholders about its recovery, guided by "well-defined strategies and supported by resilient business operations".
The company said these strengths have contributed to its steady progress, with all key indicators pointing toward financial recovery for exiting Practice Note 17 (PN17) status.
"This positive trajectory reinforces Pharmaniaga's strong fundamentals and financial recovery, as reflected in the audited financial statements for the financial year ended December 31, 2024 (FY24), released today.
"The auditor made a standard reference to material uncertainty related to going concern, which is common for companies undergoing recovery but the opinion remains unqualified, reflecting the confidence in its steady progress," it said in a statement.
Pharmaniaga managing director Zulkifli Jafar said while acknowledging the auditor's opinion, it assures all stakeholders that the company is well-positioned toward financial recovery with significant progress achieved to-date.
"The return to profitability in FY2024, combined with the successful approval of our restructuring plan is clear evidence that we are on the right track.
"Our strong operational foundation, growing investor interest, and forward momentum in biopharmaceuticals give us every reason to be optimistic about the future," he said.
Zulkifli assured the public, its customers, healthcare professionals and all stakeholders that Pharmaniaga is stabilising and progressing well according to the plan, guided by its Vision 525.
"Our teams across Malaysia and Indonesia remain dedicated to delivering excellence in logistics, manufacturing, and healthcare solutions," he added.
