KUALA LUMPUR: Duopharma Biotech Bhd's net profit slipped 3.6 per cent year-on-year (YoY) to RM16.35 million for the third quarter ended Sept 30, 2022 from RM16.96 million in Q3 2021.
This was due to higher financing costs in the quarter under review, the company said.
Its revenue saw a marginal increase of three per cent YoY to RM177.07 million from RM171.84 million in the same period last year.
For the cumulative nine-month period, Duopharma's net profit rose six per cent to RM52.95 million versus RM49.97 million in the corresponding period last year on the back of higher sales.
Revenue for 9M22 stood at RM544.76 million, up 10.3 per cent from RM493.73 million a year ago driven by higher demand from the public health sector and ethical classic market.
Duopharma managing director Leonard Ariff Abdul Shatar said the company's performance was further underpinned by positive growth momentum in Malaysia's economy following the reopening of international borders, despite manufacturing margin pressure from a strong US dollar.
"The outlook for Duopharma Biotech is positive in light of the continuous emphasis placed by the government on the healthcare sector every year.
"We will continue to explore new opportunities to expand our product portfolio in the health and wellness sector as a leading pharmaceutical company in Malaysia, and strengthen our commitment in the halal sector," he said in a statement.
The company paid an interim dividend of 0.5 sen per share amounting to RM4.76 million for the financial period ending Dec 31, 2022.