- 3Q PBT rises 21% to RM22.48 million as compared to previous corresponding quarter
- Greater Government emphasis on pharmaceutical sector in mid-term plan and increased budget allocation for healthcare in Budget 2022 bode well for future earnings
KUALA LUMPUR, 18 NOVEMBER 2021 – Duopharma Biotech Berhad (“Duopharma Biotech” or “the Company”) reported strong growth in the third quarter with a 21% increase in profit before tax to RM22.48 million, bolstered by higher demand from consumer healthcare and the public health sector.
Net profit rose 20% during the quarter to RM16.96 million. This resulted in a higher earnings per share of 1.80 sen, compared with 1.52 sen a year ago. Cumulatively, net profit jumped 18% in the first nine months this year to RM49.97 million, on the back of a 13% increase in revenue totalling RM493.73 million.
Duopharma Biotech Group Managing Director Leonard Ariff Abdul Shatar said the Government placing greater emphasis on key industries such as pharmaceutical under the recently released 12th Malaysia Plan bodes well for the Company’s future earnings. The increased allocation for healthcare under the recently tabled Budget 2022 is another positive development.
“There is no doubt that healthcare and pharmaceutical will continue to be essential sectors in our lives. We remain confident in the Company’s long-term prospects despite the challenging circumstances in 2021,” Leonard Ariff said.
He added that the anticipated economic recovery in the upcoming quarters as more business sectors resume operations after months of movement restrictions will further boost sentiments and consumption among the public.
In October, the Company started distributing the COVILO Covid-19 vaccine from Sinopharm, following the arrival of shipments in Malaysia, contributing to the national vaccination drive. In July, the Drug Control Authority had granted Duopharma (M) Sendirian Berhad (“DMSB”), a wholly-owned subsidiary of the Company, conditional registration for emergency use of the vaccine developed and produced by China National Biotec Group Company Limited.
The distribution of the vaccine is expected to contribute positively to the earnings of Duopharma Biotech for the financial year ending 31 December 2021.