Medtecs International has reported net profit of US$45.7 million ($62.0 million) for the 3QFY2020 ended Sept 30, 2020, from the US$41 posted in 3QFY2019.

The jump marks an increase of 1,115-fold, or 111,466% y-o-y.

Revenue for the Taiwan-based medical apparel company surged 636% y-o-y to US$124.6 million, while gross profit came in at a 2,771% y-o-y growth to US$65.5 million.

For the first three quarters of 2020, Medtecs saw net profit of US$84.6 million, representing a 19,767% y-o-y increase. Revenues and gross profit of US$287.2 million and US$116.9 million for the period skyrocketed 474% and 1,442% y-o-y respectively.

Medtecs’ earnings per share (EPS) for the first three quarters was 15.4 US cents.

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The group attributed its stellar performance to the Covid-19 outbreak, which triggered a surge in global demand for personal protective equipment (PPE).

It added that its strategies in implementing one-stop bundled services to meet customers’ demand for head-to-toe protection, leveraging on e-commerce platforms, developing its own PPE label, as well as securing recurring orders and cultivating long-term relationships with customers helped its numbers.

According to an SGX filing, the numbers were based on a preliminary assessment of the group’s latest unaudited consolidated management accounts.

Shares in Medtecs were up almost 5000% in August 2020 following the outbreak of the Covid-19 pandemic, as demand for essential reusable hospital wear, disposable personal protective equipment and workwear surged.

Shares in Medtecs closed 6 cents higher or 4.2% up at $1.48 on Oct 13.