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BUSINESS

Duopharma Biotech's Q1 net profit increases to RM17.6 mln

03/05/2021 08:15 PM

KUALA LUMPUR, May 3 -- Duopharma Biotech Bhd’s net profit for the first quarter (Q1) ended March 31, 2021 increased to RM17.61 million from RM13.56 million in the same period last year.

Revenue increased to RM166.45 million from RM158.71 million previously mainly due to higher sales to the consumer healthcare sector during the period, it said in a filing with Bursa Malaysia today.

“The company’s profit before tax also improved due to the increase in sales during the quarter and forex loss in the corresponding period last year,” it said.

On prospects, it said the company has recently extended two contracts comprising the supply and delivery of human insulin products worth RM19.63 million for one year and the supply of pharmaceutical and non-pharmaceutical products to hospitals and clinics under the Malaysian government for 25 months.

It said the company has also entered into a term sheet agreement with the Ministry of Health (MoH) to supply 6.4 million doses of the COVID-19 vaccine known as “Sputnik V” developed by Russia’s Gamaleya National Research Institute of Epidemiology and Microbiology.

“The supply is subject to the execution of the definitive supply agreements between Russian Direct Investment Fund and Duopharma Biotech and between MoH and Duopharma Biotech as well as the approval of the vaccine by the Drug Control Authority, Malaysia.

“Pending the execution and signing of definitive supply agreements and conditional registration approval by the Drug Control Authority, the management of vaccine supply is expected to contribute positively to the future earnings of Duopharma for the financial year ending Dec 31, 2021,” it added.

-- BERNAMA

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