Sinopharm Group's 2022 Net Profit Rose on Stronger Margins
By Yi Wei Wong
Sinopharm Group Co. said its net profit rose in 2022 due to stronger profit margins and market share gains.
Net profit rose to 8.53 billion yuan ($1.24 billion), compared with CNY7.76 billion a year earlier, the company said Monday.
Revenue rose to CNY552.15 billion in 2022, compared with CNY521.05 billion in the prior year.
The deepening and expansion of life insurance reforms in China will likely bring challenges to the pharmaceutical company's sales in 2023, it said.
Sinopharm will continue to increase its market share and expand its primary medical care, and non-medical insurance payment market in 2023, among others, it added.
Write to Yi Wei Wong at yiwei.wong@wsj.com
(END) Dow Jones Newswires
March 26, 2023 20:45 ET (00:45 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.-
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