KUALA LUMPUR (April 30): Duopharma Biotech Bhd has accepted 11 letters of offers from a subsidiary of Pharmaniaga Bhd to supply 86 pharmaceutical and/or non-pharmaceutical products worth RM578.09 million in total, to government offices and facilities that Pharmaniaga operates.

Duopharma said in a bourse filing on Tuesday that the letters of offers were issued by Pharmaniaga Logistics Sdn Bhd, and that seven of the letters were received by its wholly-owned Duopharma (M) Sdn Bhd and four by Duopharma Manufacturing (Bangi) Sdn Bhd.

The contracts will be valid and binding until Dec 31, 2026, or until otherwise directed by the Malaysian government.

Duopharma Biotech is 44.11%-owned by Permodalan Nasional Bhd (PNB). The Employees Provident Fund (EPF) also holds an 8.58% indirect stake in the group.

Duopharma closed its fiscal year 2023 (FY2023) with net profit declining 24.91% to RM52.65 million from RM70.11 million, impacted by lower margins and higher finance costs. Revenue rose 1.1% to RM704.73 million from RM696.72 million in FY2022.

Shares in Duopharma settled a sen or 0.85% higher at RM1.18, giving the group a market capitalisation of RM1.14 billion.