PETALING JAYA: Duopharma Biotech Bhd’s net profit rose about 30% year-on-year (y-o-y) to RM17.61mil in its first quarter ended March 31,2021.
Its bottom line rose was in tandem with the increase in revenue by almost 5% y-o-y to RM166.45mil.
The company said in a statement that financial performance had improved in the topline due to higher sales to the consumer healthcare sector during the reported quarter.
“Profit had also improved as compared to last year’s corresponding period mainly due to the increase in sales during the quarter and forex loss in the previous year’s corresponding period, ” it said.
In a separate filing, Duopharma said it had proposed to undertake a bonus issue of up to 239.9 million new shares on the basis of one bonus share for every three existing shares held on an entitlement date to be determined and announced later.
Moving forward, the company said the Budget 2021’s increase of 4.2% in allocation for the healthcare sector to RM31.9bil, which is the highest in the history, would augur well for its business, moving forward.
It said it had recently been notified that its contract period for the supply and delivery of human insulin products to the government has been extended by one year from Dec 2,2020 until Dec 1,2021, with an additional contract value of RM19.63mil.
Duopharma also said the contract period for the supply of pharmaceutical and non-pharmaceutical products to hospitals, clinics and others to the government have also been extended for 25 months until Dec 31,2021.
A recently signed agreement with Russia to secure 6.4 million doses of the “Sputnik V” vaccine can also positively contribute to the company, it said.