DUOPHARMA Biotech Bhd reported a 33.1% increase in net profit to RM16.69 million for the second quarter ended June 30, 2024 (2Q24), up from RM12.54 million a year earlier, driven by a 30.3% rise in revenue to a record RM218.32 million, largely due to strong performance in the prescription market.

The company declared a first interim dividend of 1 sen per share, totaling RM9.62 million, compared to 0.5 sen per share in 2Q23.

Despite the strong quarterly performance, Duopharma’s net profit for the first half of FY2024 declined 9.1% to RM31.97 million, attributed to increased operational costs from its new K3 manufacturing facility, higher finance costs, and adverse exchange rates.

Revenue for the half-year period grew 11.8% to RM411.29 million.

Its MD Leonard Ariff Abdul Shatar noted the company’s commitment to expanding its market presence and addressing challenges through innovative solutions and strategic partnerships.

“We will continue to build on our achievements and take strategic measures to address challenges. Our focus is on driving forward with innovative solutions and strengthening partnerships to meet the evolving needs of consumers and the healthcare sector. We are particularly enthusiastic about our international ventures and sustainability efforts, which are key to our long-term vision,” he added.

Going forward, Duopharma anticipates ongoing challenges, including high electricity tariffs and inflationary pressures, but is optimistic about its performance in 2024, especially with new agreements with Pharmaniaga Logistic Sdn Bhd.

Its shares closed up 1.74% at RM1.17, with a market capitalization of RM1.13 billion. — TMR