SSY Group net profits falls 46.1% to $612m in 2020

It also recorded a $4.2b revenue during the year.

Pharmaceutical manufacturer SSY Group has recorded a net profit of $612m for 2020, dropping 46.1% YoY compared to the previous year, according to an announcement.

The company also achieved a revenue of $4.2b during the year, representing a decrease of 8.1% YoY.

The company noted that operational activities of various sizes of hospitals and clinics in China were severely disrupted by the pandemic during the year, leading to a substantial decrease in the number of patients. Key product moxifloxacin hydrochloride & sodium chloride injections were also affected by national centralised procurement.

Sales volumes of intravenous infusion solutions dropped considerably amidst being the major products of the group, representing an approximate 23% decrease compared to the previous year.

SSY Group noted that as the domestic and international economy remain complex in 2021 due to the normality of the epidemic, the pressure arising from external factors may persist and bring new challenges to the group’s operations and sales.

CEO Qu Jiguang said that the group is still confident on the future development of the group despite the risks and challenges brought by the situation.

“Leveraging on the competitive edges on our scale, quality, lean management and branding in the industry, we will firmly grasp development initiatives, keep the tenacity and vitality from innovation development, and push forward high-quality development of the group. We will deliver more solid development results to bring satisfactory returns to our investors," Qu said.

The group’s total dividend for 2020 is at $0.10 per share, as its board of directors resolved to pay a final dividend of $0.05 per share for the year together with interim dividend of $0.05 per share. This represents a decrease of around 9% from the previous year.