BGI Genomics Co., Ltd., China's genomics giant, reported surging profits in the first half (H1) of 2020 due to strong demand for its COVID-19 test kits.
Its net profit edged up 734.2 percent year on year to 1.65 billion yuan (about 240 million U.S. dollars) in the January-June period, BGI Genomics said in its interim financial report filed with the Shenzhen Stock Exchange.
During the period, the company said it earned revenue of 4.11 billion yuan, a year-on-year increase of 218.1 percent.
In the first six months of 2020, the gene sequencing firm in Shenzhen spent 169.96 million yuan on research and development, up 11.7 percent year on year.
Driven by strong business growth, shares of BGI Genomics soared 4.59 percent to close at 145.72 yuan Thursday in Shenzhen.
