(Yicai Global) April 14 -- China’s Kangtai Biological Products forecast profit to have surged by as much as 11-fold in the first quarter from a year ago because of strong sales of vaccines.

Net profit was likely between CNY250 million and CNY300 million (USD39.3 million and USD47.1 million) in the three months ended March 31, the Shenzhen-based company said yesterday.

Sales of Kangtai’s main products -- quadruple vaccines that can prevent pertussis, diphtheria, tetanus, and Hemophilus influenzae type b, and hepatitis B vaccines -- jumped 231 percent and 33 percent, respectively. Sales of new products, including a 13-valent pneumococcal conjugate shot, also resulted in substantial profit growth.

Kangtai also announced its financial results for last year. Net profit was CNY1.3 billion (USD204.2 million) in 2021, up 89 percent. Revenue rose 63 percent to CNY3.7 billion.

But shares of Kangtai [SHE: 300601] ended today 1.2 percent lower at CNY80.50 (USD12.64) apiece, while the broader Shenzhen stock market gained 1.3 percent.

Founded in 1992, Kangtai develops and makes various types of vaccines such as viral, bacterial, genetically engineered, conjugate and multi-disease and polyvalent. It has five research and development centers in Shenzhen and Beijing.

Editor: Futura Costaglione