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 increased636% 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

Source: Medtecs unaudited results announcement

In the first 3 quarters of 2020,

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

Source: Medtecs unaudited results announcement

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.