PRESS RELEASE
- Revenue increased by 7.82% compared to the same period the preceding year due to higher sales to the prescription market
- Higher Earning Per Share as compared to last year corresponding quarter
KUALA LUMPUR, 22 MAY 2023 – Duopharma Biotech Berhad (“Duopharma Biotech” or “the Company”) reported significant growth in revenue in the quarter ending 31 March 2023 with earnings of RM200.48 million, a 7.82% increase compared to RM185.94 million in the corresponding period last year.
In the same period, the Company recorded an 11.54% increase in Profit After Tax (PAT), growing to RM22.63 million from RM20.29 million in the previous corresponding quarter, while the Profit Before Tax (PBT) of RM28.29 million in Q1FY2023, was an increase of 6.18% from RM26.65 million in the same quarter in the previous year.
The RM200.48 million revenue – buoyed by higher sales to the prescription pharmaceutical market, was a marked 31.93% increase from the RM151.96 million revenue in the preceding quarter. Similarly, compared to Q4FY2022, PBT and PAT in Q1FY2023 were 84.35% and 31.89% higher respectively.
Earnings per share for the quarter ended 31 March 2023 amounted to 2.38 sen, compared to 2.19 sen in the previous corresponding quarter. No dividend was paid during the current quarter. (2022: Nil).
Duopharma Biotech Group Managing Director Leonard Ariff Abdul Shatar said, “We see promising healthcare reforms in the country, such as the revised Budget 2023 which has allocated a much needed and significant 12% increase for the healthcare sector. An increased demand for innovative pharmaceutical products will help improve healthcare outcomes, offering opportunities for growth for the industry. Likewise, our expansion into the Indonesian market will enable Duopharma Biotech to create a bigger global presence and seize exciting opportunities for collaboration that will in turn contribute to better healthcare outcomes.”
In April 2023, the Company established PT Duopharma Healthcare Indonesia (“PT DHI”) as a wholly-owned subsidiary of the Company in the Republic of Indonesia. PT DHI – a limited liability company, has current authorised and issued capital of Rp 10,001,000,000 comprising 10,001 shares. Duopharma Consumer Healthcare Sdn Bhd (a wholly-owned subsidiary of Duopharma Biotech) holds 99% of shares while the remaining 1% is held directly by Duopharma Biotech.
Currently, Duopharma Biotech is contracted to supply Insugen-Insulin Recombinant Human Formulations to Ministry of Health facilities for three years until April 2025, for RM375 million. In addition, the contract to supply pharmaceutical and non-pharmaceutical products to Government hospitals and clinics has been further extended until 30 June 2023.
The Group may also enjoy potential savings of around RM10 million with the extension of the special reinvestment allowance incentive under the PENJANA stimulus package upon completion of the qualifying assets including K3 by 2024.