Duopharma Q4 earnings higher by 34.6% , thanks to cost-control measures

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PETALING JAYA: Duopharma Biotech Bhd’s net profit rose 34.6% to RM16.2 million in the fourth quarter ended Dec 31, 2020 against RM12.03 million report...

Duopharma Biotech Bhd’s net profit rose 34.6% to RM16.2 million in the fourth quarter ended Dec 31, 2020 against RM12.03 million reported in the same quarter of the previous year due to the group’s initiatives and measures in managing operational costs.For the full financial year, the group’s net profit went up 6% to RM58.61 million against RM55.27 million registered in the previous year.

Looking ahead, its group managing director Leonard Ariff Abdul Shatar said Duopharma’s one-year extension for the supply and delivery of human insulin products to the government with an additional value of RM19.63 million to augur well for the group. Aside from that, it has also received a 25-month extension for the supply of pharmaceutical and/or non-pharmaceutical product to hospitals, clinics and others under the Malaysian government.

“The extensions augur well for the Duopharma Biotech Bhd Group as these stabilise a significant portion of group revenue. With this assurance, it places us in a better position to mobilise our resources to intensify our foray into specialty and niche products,” said Leonard Ariff. Duopharma Biotech also recently entered into a term sheet agreement with the government to supply 6.4 million doses of the Covid-19 vaccine known asFurthermore, the company has signed a term sheet agreement with the Russian Direct Investment Fund to secure the 6.4 million doses of.

 

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