Duopharma Biotech's 3Q earnings jump 21% on higher product demand

KUALA LUMPUR (Nov 29): Duopharma Biotech Bhd has reported a 21% jump in net profit to RM14.86 million for its third quarter ended Sept 30, 2019, from RM12.29 million a year ago.

The pharmaceutical company said in an exchange filing today revenue rose 13.5% to RM142.86 million, from RM125.84 million in the year-ago third quarter.

Duopharma Biotech's group managing director Leonard Ariff Abdul Shatar said the improved results reflected increased demand for the group's pharmaceutical products from the private and public health sectors, despite the economic challenges internationally and domestically.

For the cumulative nine months, the group's net profit rose 30% to RM43.24 million, from RM33.27 million in the corresponding period last year, while revenue grew 14.5% to RM438.71 million from RM383.09 million.

Duopharma Biotech expects to achieve satisfactory results for the full year, barring any unforeseen circumstances, although the recent strengthening of the US dollar poses challenges as it is expected to put pressure on the group's manufacturing margin and hence its profit thereof.

The group said it will also continue its foray into specialty products as one of its strategies moving forward to create a pool of niche products.

Shares in Duopharma Biotech closed unchanged at RM1.39 apiece today, for a market capitalisation of RM951.29 million.