KUALA LUMPUR (May 22): Duopharma Biotech Bhd’s net profit for the first quarter (1Q) rose 11.54% to RM22.63 million, from RM20.29 million a year earlier, on the back of higher revenue amid increased sales to the prescription pharmaceutical market.

Earnings per share for the quarter ended March 31, 2023 (1QFY2023) improved to 2.38 sen, from 2.19 sen in 1QFY2022, the group’s bourse filing showed.

Quarterly revenue grew 7.82% to RM200.48 million from RM185.94 million.

No dividend was paid during the quarter.

Duopharma group managing director Leonard Ariff Abdul Shatar said an increased demand for innovative pharmaceutical products will help improve healthcare outcomes, offering opportunities for growth for the industry.

"Likewise, our expansion into the Indonesian market will enable Duopharma to create a bigger global presence and seize exciting opportunities for collaboration that will in turn contribute to better healthcare outcomes,” he said in a statement.

Last month, Duopharma established PT Duopharma Healthcare Indonesia as a wholly owned subsidiary of the group in Indonesia.

Shares in Duopharma Biotech closed down three sen or 2.04% to RM1.44 on Monday (May 22), giving the group a market capitalisation of RM1.39 billion.