-- Duopharma Biotech Berhad (“Duopharma Biotech” or “the Company") held its 24th Annual General Meeting today, underscoring the Group's market leadership in Malaysia and commitment to growing its reach internationally. The Company achieved encouraging performance in FY2024 while taking market challenges in stride. Revenue rose by 15.5% to RM813.70 million, with Profit Before Tax of RM80.02 million, 26.5% higher than in FY2023, while Profit After Tax in FY2024 rose 19.0% year-on-year to RM62.65 million.
For FY2024, Duopharma Biotech paid a total dividend of 3.0 sen per share amounting to RM28.86 million, comprising a first interim dividend of 1.0 sen per share amounting to RM9.62 million and a second interim dividend of 2.0 sen per share amounting to RM19.24 million. The dividend for FY2024 was approximately 30.4% higher than the total 2.3 sen per share (equivalent to RM22.13 million) paid in FY2023, demonstrating the Group's commitment to maintaining robust shareholder returns.
Duopharma Biotech Chairman Datin Paduka Kartini Haji Abdul Manaf commented: “In line with Duopharma Biotech's focus on providing smarter solutions for a healthier life, the Group has continuously invested in innovative technologies to become the leading generics and biologics player in Malaysia and one of the leaders in ASEAN, further deepening and broadening our presence in line with our aim to ensure patients and consumers have access to an inclusive range of effective and affordable pharmaceutical products."
"We are also committed to nurturing a healthier nation, through the products and technology we offer and by supporting knowledge exchange. We have collaborated with other stakeholders to promote healthy eating and the role our vitamins can play in ensuring balanced nutrition, and worked with healthcare professionals to promote early cancer detection in underserved communities through the use of handheld screening devices. In addition, we continue to support academic collaboration for research and development, particularly in halal pharmaceuticals, including organising the Halal Pharmaceutical Symposium 2024 in partnership with Universiti Kebangsaan Malaysia, strengthening our longstanding relationship,” she added.
Duopharma Biotech Group Managing Director Leonard Ariff Abdul Shatar remarked: "We seek to increase the Group's offerings in both the ethical and consumer healthcare products as it is critical to our long-term growth. We are also focused on developing our international business as there are opportunities to do so. Regionally, we are seeing positive growth in the sales of consumer healthcare products, as well as generics and biosimilars, and medical devices. Additionally, we have been actively laying the groundwork to expand halal exports through engagement initiatives and awareness programmes with relevant parties in markets such as Qatar and Timor Leste, among others."
Following bids to supply products in the Ministry of Health ("MOH")'s Approved Products Purchase List ("APPL"), the Group received a total of 16 Letters of Offer ("LOO") in FY2024 and an additional two LOO in April 2025, for the supply of a combined total of 100 pharmaceutical and non- pharmaceutical products to healthcare facilities operated by the Malaysian Government, until 31 December 2026, with a combined estimated value of approximately RM684.15 million.
A Responsible Corporate Citizen
In FY2024, the Company continued to progress in its ESG efforts, marking key achievements in environmental stewardship, expanding access to medicines, improving quality standards at manufacturing facilities, and improved governance policies. Milestones included establishing a 5-Year Energy Efficiency Plan ("EEP") to further support the Company's Net Zero Transition Plan (“NZTP”) and successfully replacing 15% of single-use plastics with biodegradable alternatives.
In line with efforts to expand medical inclusivity to ensure patients have greater accessibility to products that meet their needs, in February 2025, Duopharma Biotech became the first Malaysian pharmaceutical company to obtain Halal Certification from JAKIM for its erythropoiesis-stimulating agent ("ESA") product to treat anaemia, adding to the previous milestone of obtaining the first Halal Certification from JAKIM for a cancer drug. Meanwhile, the Company also introduced five new generics for breast cancer, heart and kidney patients in FY2024.
To enable more patients in overseas markets to access medicines produced by Duopharma Biotech, the Company continued to pursue more international certifications for its manufacturing facilities. Following an audit by the Health Products Regulatory Authority, Ireland ("HPRA”), Duopharma Biotech's Highly Potent Active Pharmaceutical Ingredients (HAPI) manufacturing plant in Glenmarie, Shah Alam was certified as meeting European Union Good Manufacturing Practice ("EU GMP") standards.
The Company also achieved a knowledge exchange milestone when it represented Malaysia at the 11th Trilateral Symposium in Geneva co- organised by the World Health Organization, the World Intellectual Property Organization and the World Trade Organization, contributing Malaysia's perspective in discussions on innovation and access to medicines in tackling the global rise of non-communicable diseases ("NCDs").
In addition, to ensure personnel are well cared for, Duopharma Biotech introduced a new Labour Rights Policy in FY2024 for the Company and supply chain, and implemented Unconscious Bias training for all management employees.
Leadership Transition
The successful completion of the 24th AGM marked the retirement of four directors, namely Dato' Dr Zaki Morad Mohamad Zaher, Datuk Nik Moustpha Haji Nik Hassan, Razalee Amin and Zaiton Jamaluddin, while Nik Fazila Nik Mohamed Shihabuddin was re-elected to the Board of Directors after having served for a full year since the 23rd AGM.
FY2024 saw restructuring in Duopharma Biotech's leadership team, including Wan Amir-Jeffery Wan Abdul Majid taking on the role of Chief Executive Officer - Group Operations, Shamsul Idham Ahad redesignated Chief Consumer Healthcare Officer and Priya Darshini Asokan appointed Chief Innovation Officer, strengthening the ongoing management succession process in the Company.
Recognitions
Across FY2024, Duopharma Biotech continued to be recognised for its excellence in ESG, Corporate Governance and Integrity initiatives, market leadership in consumer healthcare, and excellence in Human Resource and Talent Management. Key awards received included Best in Community Development and Sustainability Reporting among Pharmaceutical Manufacturing companies at the Sustainability & CSR Malaysia Awards 2024; Best Performer in the Healthcare Sector (Gold) at The Edge ESG Awards 2024; Sustainability Awareness and Employee Engagement Recognition at the UN Global Compact Network Malaysia & Brunei ("UNGCMYB") Forward Faster Sustainability Awards 2024; as well as Overall Excellence (Top 10) and Industry Excellence (Healthcare) awards at the MSWG National Corporate Governance & Sustainability Awards ("NACGSA") 2024.
Release ID: 89160773
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