KUALA LUMPUR: Duopharma Biotech Bhd's net profit jumped 73.9 per cent year-on-year (YoY) to RM15.6 million in the third quarter ended Sept 30, 2024 (Q3 2024) from RM8.97 million a year ago on the back of higher revenue.
The company logged a revenue of RM208.73 million in the quarter under review, up 23.3 per cent from RM169.24 million in Q3 2023, driven by higher sales across key sectors, namely the public health segment.
For the cumulative nine months, the company's net profit rose 7.7 per cent to RM47.56 million from RM44.14 million a year ago. Its revenue rose 15.4 per cent to RM620.02 million from RM537.23 million.
Duopharma Biotech group managing director Leonard Ariff Abdul Shatar said the company sees healthy potential in the 10 per cent increase in allocation for the Ministry of Health announced in the recent Budget 2025, which he said reflected the government's strong commitment to funding public healthcare.
"This will in turn drive continued demand for medical supplies and opportunities for the pharmaceutical industry," he said in a statement.
The company's subsidiaries received five new offer letters from Pharmaniaga Logistics Sdn Bhd to supply pharmaceutical and non-pharmaceutical products to the government's facilities until Dec 31, 2026.
It has an estimated combined value of about RM87.66 million.
Duopharma said this adds to the previous eleven letters of offer received and accepted by the two subsidiaries in Q2 2024, bringing the total value to approximately RM665.76 million, comprising close to 100 products, all to be supplied until Dec 31, 2026.