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    300676   CNE100003449

BGI GENOMICS CO., LTD.

(300676)
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BGI Genomics : China's BGI forecasts 700% jump in first-half profit due to COVID-19 test kit demand

07/14/2020 | 08:59pm EDT
A technician works at a genetic testing laboratory of BGI, formerly known as Beijing Genomics Institute, in Kunming

China's BGI Genomics Co said on Tuesday it expects first-half net profit to be about eight times the amount reported in the same period last year after the global pandemic created a surge in demand for its coronavirus test kits.

China's BGI Genomics Co said on Tuesday it expects first-half net profit to be about eight times the amount reported in the same period last year after the global pandemic created a surge in demand for its coronavirus test kits.

The genomics company, which said it has distributed more than 35 million kits across 180 countries and regions, forecasted a net profit of between 1.53 to 1.63 billion yuan (£173.57-£184.97 million) in the six months to end-June, a jump of around 700% from 198 million yuan a year ago.

The novel coronavirus, which first emerged in China late last year, has to date infected over 13 million people globally and killed more than 575,000.

The purchase of test kits from BGI - Beijing Genomics Institute - which has grown into one of the world's largest genomics companies over the past two decades - has been controversial in some countries.

In May, the Australian government said its purchase of 10 million coronavirus test kits from Chinese genomics company BGI will not risk patient privacy.

BGI Genomics Co is the listed subsidiary of BGI.

(Reporting by Brenda Goh; Editing by Ana Nicolaci da Costa)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
BGI GENOMICS CO., LTD. -2.98% 119.56 End-of-day quote.-7.00%
UNITED STATES DOLLAR (B) / CHINESE YUAN IN HONG KONG (USD/CNH) 0.00% 6.39358 Delayed Quote.-1.56%
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Financials
Sales 2021 5 542 M 866 M 866 M
Net income 2021 1 643 M 257 M 257 M
Net Debt 2021 - - -
P/E ratio 2021 29,1x
Yield 2021 -
Capitalization 49 009 M 7 659 M 7 662 M
Capi. / Sales 2021 8,84x
Capi. / Sales 2022 9,77x
Nbr of Employees -
Free-Float 99,0%
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Mean consensus OUTPERFORM
Number of Analysts 1
Average target price
Last Close Price 119,56 
Spread / Highest target -
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Managers and Directors
NameTitle
Ye Yin General Manager & Director
Yi Qing Chen Chief Financial Officer
Jian Wang Chairman
Song Gang Li Chairman-Supervisory Board
Chang Jian Jiang Independent Director
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