Duopharma Biotech maintains good growth despite challenging environment

Leonard Ariff speaks during Duopharma Biotech’s 19th AGM which showcased a robust financial scorecard, including key milestones that bolster its position as a pharmaceutical healthcare leader.

KUCHING: In the face of the highly challenging global environment, Duopharma Biotech Bhd (Duopharma Biotech) held its 19th – and first ever fully virtual – Annual General Meeting (AGM) which showcased a robust financial scorecard, including key milestones that bolster its position as a pharmaceutical healthcare leader.

Amidst the Covid-19 pandemic that continues to impede much of the world’s economic progress, Duopharma Biotech’s virtual AGM which allowed remote participation and voting by shareholders reflects a new normal.

Taking short, medium and megatrends into consideration, the Group is implementing a four-pronged strategy embracing the expansion of Consumer Healthcare (CHC) product portfolios; diversifying into high-value biologicals and niche products; upgrading manufacturing facilities into world-class assets; and enhancing its ASEAN presence.

The group ended 2019 on a strong note with financials demonstrating continued bold progress and posted a commendable set of results to close off a strong performance in 2019 with yearly net profit increasing 17 per cent to touch RM55.27 million on higher revenue of RM576.46 million. The group also kicked off 2020 by posting robust Q1 2020 results with PBT of RM17.73 million on Increased Revenue of RM158.71 million.

Furthermore, in addition to growing Duopharma Biotech’s conventional portfolio of products, the group has continued to expand its halal platform which, today, distinguishes it from its peers.

“We are motivated to grow the halal pharmaceutical segment both because of the huge business potential it presents, and because we believe in offering Muslims, and indeed all discerning consumers of all faiths, a peace of mind knowing they can avail of the best medical treatments that are halal certified under MS2424:2019 which is the first halal pharmaceuticals standard in the world.

“This strengthens our position as the halal pharmaceutical industry leader. I am pleased to share that no less than 95 per cent of all Duopharma Biotech manufactured products are halal certified.”

Moving on to the global coronavirus crisis, which is impacting global economy and society, Leonard Ariff confirmed that Covid-19 countermeasures had received early priority even before the government’s announcement of the first phase of the Movement Control Order (MCO).

Before MCO, Duopharma Biotech had already implemented multiple measures to safeguard the health and safety of the Group’s staff and to minimise disruption to its operations, including working from home and split team arrangements. Due to the coronavirus health crisis, much of the Company’s onward plans have used digitalisation as much as possible.

“We foresee that 2020 will be more challenging than previous years. However, barring any unforeseen circumstances, we are cautiously optimistic of our FY2020 financial performance,” said Leonard Ariff.

“Budget 2020 saw an increase of 6.6 per cent in allocation for healthcare sector to RM30.6 billion, this is the highest ever allocation in Malaysian history,” he added.

Leonard Ariff also shared that the Duopharma Biotech Group had been informed that contract periods for the supply of pharmaceutical and/or non-pharmaceutical products to hospitals, clinics and others to the Malaysian Government under the Approved Product Purchase List contract have been extended for twenty-five months, commencing December 1, 2019 until December 31, 2021.

In addition, the contract period of the Offtake Agreement Program for the supply of human insulin formulations has been extended for one year, commencing December 2, 2019 until December 1, 2020.

“Additional allocation has been provided to the Ministry of Health as part of measures to combat the Covid-19 outbreak. This augurs well with the Group as approximately 50 per cent of our sales are to public service sector. In this aspect, we are optimistic that the Healthcare sector will continue to grow in 2020,” he added.

The post Duopharma Biotech maintains good growth despite challenging environment appeared first on Borneo Post Online.

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