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HONG KONG, Mar 23, 2022 - (ACN Newswire) - Kingworld Medicines Group Limited (stock code: 01110.HK), a leading omni-channel enterprise providing greater health products and services in China, issued today a positive profit alert as it expects to record an approximately 155% to 160% increase in profit attributable to owners of the Company for 2021, as compared to RMB11.7 million for 2020.
The positive profit alert was based on a preliminary assessment of the unaudited consolidated management accounts of the Group for 2021 and information currently available to the Board. The Board attributes the increase in profit mainly to the market recovering from the COVID-19 pandemic outbreak pushing up the turnover and gross profit of imported branded pharmaceutical and healthcare products distributed in China in 2021 by approximately 45% to 50% and approximately 65% to 70%, respectively, against the previous year. The management of the Company also adopted effective measures against the COVID-19 pandemic outbreak to reduce costs and improve efficiency, thus enhancing the Company's overall competitiveness.
Shenzhen Dong Di Xin Technology Company Limited, Kingworld Medicines' non-wholly owned subsidiary, is a manufacturer producing various medical devices including infrared thermometers. Affected by a drop in sales of anti-Pandemic devices, the company is expected to record an approximately 34% to 39% decrease in profit for 2021 as compared with the previous year.
About Kingworld Medicines Group Limited
Kingworld Medicines (stock code: 01110.HK) has devoted more than 20 years to developing a comprehensive greater health industrial supply chain system. Its business covers over 34 provinces and municipalities in China, and it is among the Top 100 Import Enterprises of Pharmaceutical and Healthcare Products and Top 5 Sales of Imported Chinese Patent Medicine in the country. In keeping with the new normal of consumption upgrade, it has constructed a complete online and offline new retail ecosystem. Its subsidiary Shenzhen Kingworld Medicines is a reputed distributor of branded pharmaceutical and healthcare products imported from overseas, including Nin Jiom Loquat Herbal Cough Syrup, Taiko Seirogan, Kingworld Imada Red Flower Oil, and Culturelle probiotics from the United States, etc., in the China market.
For further information, please visit http://www.kingworld.com.cn .
Topic: Press release summary
Source: Kingworld Medicines Group
Sectors: BioTech, Healthcare & Pharm
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From the Asia Corporate News Network
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