(Yicai Global) Aug. 27 -- Shares of BGI Genomics jumped after the Chinese maker of Covid-19 testing kits said that its net profit soared by more than eight times in the first half as people around the world needed to get tested for the virus.

BGI's stock price [SHE:300676] climbed 4.6 percent to CNY145.72 (USD21.20) this afternoon. The shares have more than doubled in value this year.

Net profit climbed to CNY1.7 billion (USD247.2 million) over the six months, a 734 percent increase from a year ago, the Shenzhen-based firm said in its earnings report published yesterday. Its revenue more than tripled to CNY4.1 billion, while three-quarters of that was related to medical testing, up by more than 13 times.

The company was quick to come up with testing technologies for the new coronavirus and the related antibodies. Its nucleic acid testing kit was included in the World Health Organisation's emergency use list and got approved by multiple foreign nations' authorities to be exported. It had shipped 35 million such tests abroad by the end of June.

Moreover, the company's infection prevention business revenue climbed more than five times to CNY184 million (USD27.8 million). However, other revenues, including those involving reproductive health and clinical services, were quite flat from a year ago.

Investors should not take it for granted that BGI's future is similarly strong. It is uncertain that the world continues to need Covid-19 testing kits as it has so far so investors should follow whether BGI has other breakthroughs going forward, an analyst told Yicai Global.

Editor: Emmi Laine