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636% increase in Medtecs International Corporation Limited (SGX: 546) 3Q revenue, driven by Covid-19

Editorial Team
Editorial Team

Medtecs International Corporation Limited (SGX:546) announced its unaudited results for the third quarter ended 30 September 2020 (3Q 2020) on 13 October 2020.

  • Company’s revenue increased 636% year-on-year to reach US$124.6 million
  • Net Profit after tax increased 1,115 times (or 111,466%) to reach US$45.7 million

In the first 3 quarters of 2020,

  • Group total revenue increased 474% year-on-year to reach US$287.2 million
  • Net Profit after tax increased 198 times (or 19,767%) to reach US$84.6 million

Earning per share for the first 3 quarters of 2020 was 15.404 US cents.

This phenomenal earnings is a result of the surge in global demand for personal protective equipment (PPE) due to Covid-19.

With the ongoing Covid-19 pandemic and ongoing uncertainties on the development of a safe and effect, market demand for PPE is expected to remain strong. Medtecs expects to report record revenue and profit in the fourth quarter and financial year ending 31 December 2020.

Medtecs International Corporation Limited is a well-known healthcare products and services provider and is a leading manufacturer of a wide range of medical consumables, and hospital and workwear apparels. Medtecs also provides hospitals in Taiwan and the Philippines with integrated services which include rental and laundry of linens, management of laundry facilities, hospital automation and other non-core hospital functions.

Medtecs shares rose 4.73 % on Wednesday 14 October, up 0.07 cents to S$1.55 as of 9.31AM. Medtecs shares have increased 3130% YTD, up from 0.048 cents.