KUALA LUMPUR, February 22, 2024 -- Duopharma Biotech Berhad ("Duopharma Biotech" or "the Company") has reported a revenue of RM704.73 million for the year ended 31 December 2023, marking a 1.2% increase from the perceing year's RM696.72 million. However, profit before tax witnessed a decrease of 25.4% from RM84.85 million last year to RM63.27 million in the current period.

Leonard Ariff Abdul Shatar, the Group Managing Director of Duopharma Biotech, remarked, "The increase in revenue is contributed by sales growth in the prescription pharmaceutical market, ethical specialty sector and export segment from the previous year. However, this is dampened by the significant downturn from the consumer healthcare sector. Further challenges include prolonged increase in operational costs, which included increased electricity tariff, higher finance costs; incremental costs associated with the commencement of production in the new K3 facility; and unfavourable exchange rates, among others.

However, looking ahead, Leonard Ariff is optimistic, "With a record high allocation for Healthcare in the 2024 budget, the industry is poised for significant progress and necessary transformations. Duopharma Biotech is also finalising the new supply agreements with Pharmaniaga Logistics Sdn Bhd, and this will be captured in 2024. Thus, we can look forward to a satisfactory performance in 2024," he further added.

Earnings per share for the fourth quarter ended 31 December 2023 amounted to 0.88 sen, taking the total earnings per share for FYE2023 to 5.49 sen. The Board of Directors had also declared a second interim dividend of 1.8 sen(2022: a second interim dividend of 1.8 sen per share) equivalent to RM 17.32 million (2022: RM17.14 million). The entitlement date and the payment date of the second interim dividend will be on 8 March 2024 and 21 March 2024 respectively.

Throughout 2023, Duopharma Biotech has entered into several strategic collaborations that included, among others, the collaboration with RenalWorks Malaysia Sdn Bhd involved the production of RenalGenie Ehr dialysis software in Malaysia, with the aim of enhancing dialysis services via streamlined data management and improved patient care.

Furthermore, the Company has partnered with Tepanouits Pty Ltd, to bring IRORO Nutreatment Healthy Hair Growth range to Australia. This partnership taps into the growing demand for the anti-hair loss solutions in the Australian wellness sector.

Duopharma Biotech also secured the top three positions at the Top 20 OIC Halal Products Companies 2023 highlighting its excellence and commitment to halal principles, affirming its significant impact on the global halal market.

The company was recently presented with the Gold Award at The Edge Malaysia ESG Awards 2023 and received dual accolades in the UN Global Company Network Malaysia & Brunei (UNGCMYB) Forward Faster Sustainability Awards 2023 underscoring its dedication to environmental, social, and governance practices, further solidifying its position as a leader in the healthcare industry.