- Over FY21, IDT Australia (IDT) has reported a 209.6 per cent increase in net profit after tax to $2.1 million, marking its first operating profit since 2009
- Revenue has grown 19.5 per cent year-on-year to $16.9 million in addition to a 212.5 per cent increase in earnings per share to 0.9 cents
- The pharmaceutical manufacturer has worked closely with the Australian Government on the use of its facility to assist with COVID-19 vaccine production
- Post-FY21, IDT and the Department of Health finalised a letter of agreement to prepare its facility to provide COVID-19 vaccine manufacturing services
- Company shares closed up 6.35 per cent to trade at 67 cents on August 25.
Over the 2021 financial year, IDT Australia (IDT) recorded its first operating profit since 2009.
The pharmaceutical manufacturing company reported a 209.6 per cent increase in net profit after tax (NPAT) to $2.1 million in FY21 from a $1.9 million loss in FY20.
IDT also grew earnings before interest, tax, depreciation and amortisation (EBITDA) by 244.9 per cent from $788,000 in FY20 to around $2.72 million in FY21.
Revenue increased by 19.5 per cet year-on-year to $16.9 million which includes about $900,000 of JobKeeper receipts.
The healthcare stock announced a 212.5 per cent year-on-year increase in earnings per share to 0.9 cents.
In terms of cashflow, IDT generated $370,000 in operating cashflow compared to a $1.9 million outflow the previous financial year.
However, after investing in property, plant and equipment, the company recorded an outflow of $526,000.
IDT ended FY21 with $6.9 million in cash.
Operations
The Melbourne-based company works closely with government and pharmaceutical partners to produce active pharmaceutical ingredients (API) and finished dose forms (FDF) for local and international markets.
IDT is also one of Australia’s last small molecule API contract developers and manufacturers operating under the current good manufacturing practice (cGMP) regulations.
As part of its goal to bolster the country’s pharmaceutical supply chain, IDT announced in March this year that it was working with the Australian Government Department of Health to assess the use of its manufacturing facility to support Australia’s production capability for a COVID-19 vaccine.
The company’s facility is regularly audited by both the US Food and Drug Administration (FDA) and the Australian Therapeutic Goods Administration (TGA).
In June IDT announced it had been in discussions with the Victorian Government and Monash Institute of Pharmaceutical Sciences about it potentially providing cGMP manufacturing services to develop Australia’s first locally developed mRNA COVID-19 vaccine candidate.
This month, the healthcare company finalised a letter of agreement with the Department of Health to prepare its manufacturing facility to provide COVID-19 vaccine manufacturing services.
Looking ahead, IDT will continue expanding its product range and progress discussions regarding the production of vaccines.
Company shares closed up 6.35 per cent to trade at 67 cents on August 25.