The healthcare manufacturing industry has proven to be resilient to economic shocks, but it is now seeing an unprecedented boom on the back of a health crisis not seen since the 1918 Spanish Flu outbreak.

The most notable gainer was Singapore-listed Taiwanese company Medtecs International Corporation. Before the pandemic, it was one of the largest distributors of personal protective equipment (PPE) — albeit one that was hardly noticed.

But when demand for its products surged, its earnings skyrocketed in tandem. From US$41,000 in 3QFY2019, Medtecs’s net profit went to US$45.7 million ($61.05 million) in its 3QFY2020 ending Sept 30. Revenue, in the same period, was up 636% y-o-y to US$124 million. For the nine months ended Sept 30, Medtecs’s net profit surged 198 times to US$84.6 million, on the back of a 474% increase in revenue to US$287.2 million.

To continue reading,

Sign in to access this Premium article.

Subscription entitlements:

Less than $9 per month
3 Simultaneous logins across all devices
Unlimited access to latest and premium articles
Bonus unlimited access to online articles and virtual newspaper on The Edge Malaysia (single login)

Stay updated with Singapore corporate news stories for FREE

Follow our Telegram | Facebook