Duopharma Biotech posted a resilient second quarter financial performance with profit before tax rose 4.2% to RM20.2 million, supported by higher sales to the consumer healthcare and public health sector.
Revenue increased 8.4% to RM155.44 million in the quarter ended 30 June 2021 as compared to the preceding year corresponding quarter. Net profit climbed 4.5% during the quarter to RM15.39 million. This resulted in a higher earnings per share of 2.18 sen, compared with 2.15 sen a year ago.
Cumulatively, its net profit jumped 16.7% in the first six months this year to RM33.00 million, on the back of a 6.6% increase in revenue at RM321.89 million.
On the back of the strong performance, the company has declared an interim dividend of 0.5 sen per share for the current quarter, equivalent to RM3.53 million.
Duopharma Biotech Group Managing Director, Leonard Ariff Abdul Shatar, said stringent operational cost control measures will continue to help the Company navigate the challenging external environment during the pandemic.
“The pandemic has caused huge uncertainties in the business environment and resulted in disruptions in the global supply chain. In our industry, players are faced with issues such as purchasing certain raw and packaging materials. We seek to overcome these challenges by managing the risks the best we can,” Leonard Ariff said.
Duopharma has also received conditional registration approval from the Drug Control Authority for the COVILO Suspension for Injection COVID-19 Vaccine (Vero Cell), Inactivated (“Covid-19 Sinopharm Vaccine”) developed and produced by Beijing Institute of Biological Product Co. Ltd., a subsidiary of China National Biotec Group Company Limited.
For its future outlook, the company is expecting the vaccine supply job to contribute positively to its future earnings and with the government’s increased budget allocation for the healthcare sector together with the extension of the public supply agreements, things are looking pink of health for the rest of the year.