Duopharma posts record profit and revenue in FY2022, declares 1.8 sen dividend

KUALA LUMPUR (Feb 23): Duopharma Biotech Bhd has posted a record net profit of RM70.11 million for the financial year ended Dec 31, 2022 (FY2022), eclipsing its previous milestone of RM65.68 million achieved last year.

Earnings per share rose to 1.8 sen from 1.67 sen previously, according to the pharmaceutical group’s filing with Bursa Malaysia.

The 6.74% year-on-year increase in full-year earnings was on the back of posting a record-high topline, underpinned by higher sales to the prescription pharmaceutical market and public health sector during the FY2022.

Full-year revenue rose 9% to RM696.72 million from the prior record-high of RM639.18 million pencilled in FY2021.

Duopharma declared a second interim dividend of 1.8 sen per share, with the payment date to be announced later.

On a quarterly basis, Duopharma’s net profit for 4QFY2022 increased 9.19% to RM17.16 million from RM15.72 million a year earlier, thanks to RM1.81 million booked as tax credit versus RM1.4 million incurred as tax expense in 4QFY2021.

Quarterly revenue rose 4.48% to RM151.96 million from RM145.44 million in 4QFY2021.

Duopharma group managing director Leonard Ariff Abdul Shatar said the government’s continued emphasis on improving public healthcare funding bodes well for the group, offering potential opportunities to innovate and expand our market.

“We (Duopharama) foresee another positive year in 2023, barring unexpected developments,” he added in a statement.

Shares in Duopharma finished three sen or 1.85% higher at RM1.65 on Thursday (Feb 23), giving the group a market capitalisation of RM1.57 billion.