Medical firm profit jumps thanks to anti-Covid products

Domesco Medical Import Export Joint Stock Corporation reported pretax profits of VND39 billion on revenues of VND388 billion, up 44 percent and 17 percent year-on-year.

It attributed the sharp rise to its strategy of launching a number of new Covid-related products such as masks, anti-droplet glasses, saline, and hand sanitizers.

In August it received licenses from the Ministry of Health to import antibiotics and other drugs, including vaccines, and it took advantage of its distribution system to achieve revenue growth during the lockdown.

However, in the first nine months of the year revenues were only VND1.04 trillion, or around 66 percent of the full-year target.

In the first two quarters the impact of Covid-19 caused profits to decline by 35 percent, but the firm has managed to turn things around since.

Domesco was established in 1985. In 2018, U.S. healthcare giant Abbott Group bought a 51.7 percent stake in it.