PRESS RELEASE
- FY2022 revenue rose 9.0% to RM696.72 million compared to RM639.18 for FY2021
- Second interim dividend of 1.8 sen per share, totalling 2.3 sen per share for the year ended December 2022
- Group revenue improves Y-o-Y, underpinned by higher sales in the prescription pharmaceutical market and public health sector
KUALA LUMPUR, 23 FEBRUARY 2023 – Duopharma Biotech Berhad (“Duopharma Biotech” or “the Company”) has registered its highest ever revenue of RM696.72 million for the year ended 31 December 2022, a 9.0% increase from RM638.18 million the preceding year. In the same period, net profit rose 6.74% to RM70.11 million from RM65.68 million, while profit before tax saw an increase of 2.25% to RM84.85 million from RM82.98 million in 2021.
Duopharma Biotech Group Managing Director Leonard Ariff Abdul Shatar said, “The record revenue in FY2022 is underpinned by higher sales to the prescription pharmaceutical market and public health sector. The Government’s continued emphasis on improving public healthcare funding bodes well for the Group, coupled with anticipated growth in the Malaysian economy in 2023, offering potential opportunities to innovate and expand our market. We foresee another positive year in 2023, barring unexpected developments.”
“In addition, with the extension of the special reinvestment allowance incentive under the PENJANA stimulus package, until year of assessment 2024, the Group may also enjoy potential savings of around RM10 million upon completion of the qualifying assets including K3 by 2024,” he said.
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.
Earnings per share for the fourth quarter ended 31 December 2022 amounted to 1.8 sen, taking the total earnings per share for FY2022 to 7.39 sen. For the financial year ended 31 December 2022, the Board of Directors declared a second interim dividend of 1.8 sen (2021: a second interim dividend of 1.8 sen per share) equivalent to RM 17.14 million (2021: RM 16.95 million). This brings the total dividend for FY2022 to 2.3 sen per share, including an earlier interim dividend of 0.5 sen per share equivalent to RM 4.76 million paid on 14 September 2022. The Board also resolved that the Dividend Reinvestment Plan (“DRP”) approved by shareholders would apply to the dividend.
Duopharma Biotech recently became the first pharmaceutical company to receive Halal certification for an oncology product from the Department of Islamic Development Malaysia (JAKIM).
In 2022, the Company also strengthened its ESG credentials with a number of initiatives and achievements, including a new anti-corruption programme for external business associates as part of the Organisational Integrity and Anti-Corruption Plan 2021-2023 (OIACP); a second consecutive BEIM Five Petals Gold Award from the Business Ethics Institute of Malaysia (BEIM); a Gold Award at the Integrity, Governance and Anti-Corruption Awards (AIGA) 2022 from the Malaysian Institute of Integrity (IIM), and recorded a clean sheet in its first term holding the Anti Bribery Management System (ABMS) ISO37001 certification, with zero Non-Conformance Reports, while the ISO 37001 Anti-Bribery Management System Surveillance Audit 2022 found no Opportunities For Improvement (OFI).
In addition, Duopharma Biotech also participated as a Silver Sponsor at the GO ESG ASEAN 2022 Summit organised by the United Nations Global Compact Network Malaysia & Brunei (UNGCMYB).