Q3 Financial Results

Beximco Pharmaceuticals Ltd
30 April 2024
 

30 April 2024

 

BEXIMCO PHARMACEUTICALS LIMITED

 

Q3 Financial Results

 

Beximco Pharmaceuticals Limited ("Beximco Pharma", "BPL" or "the Company"; AIM Symbol: BXP, LEI No.: 213800IMBBD6TIOQGB56), the fast-growing manufacturer of generic pharmaceutical products and active pharmaceutical ingredients, today announces its unaudited financial results for the third quarter and nine months ended 31 March 2024.

 

Financial highlights (Consolidated)

 

Nine months ended 31 March 2024

·      Net revenue increased 13.1% to Bangladesh Taka ("BDT") 33,050.9m / £239.1m (2022-23: BDT 29,233.0m / £ 228.2m)

·      Profit after tax increased 22.7% to BDT 4,374.7m / £31.6m (2022-23: BDT 3,565.8.m / £27.8m)

 

Third-quarter ended 31 March 2024

·      Net revenue increased 15% to BDT 10,987.3m / £79.5m (2022-23: BDT 9,554.2m / £74.6m)

·      Profit after tax increased 50.6% to BDT 1,366.6m / £9.9m (2022-23: BDT 907.7m / £7.1m)

 

Iqbal Ahmed, Managing Director of Beximco Pharmaceuticals, commented:

 

"I am pleased to report strong double-digit growth for the period, despite the impact of macroeconomic headwinds, including challenging exchange rates and elevated domestic inflation. While we expect these headwinds to remain for the foreseeable future, the year-on-year improvement in profitability demonstrates the resilience and strength of our business as we continue to provide high-quality, affordable medicines to patients in Bangladesh and around the globe. We will stay focused on executing on our growth strategy for the remainder of the year and look forward to providing a further update at our full-year results."

 

(Exchange rates of £1 = Taka 138.2585 for 31 March 2024 numbers and £1 = 128.0900 for 31 March 2023 have been used in this announcement.)

 

The third quarter accounts can be viewed at the Company's website: www.beximcopharma.com

 

 

For further information please visit www.beximcopharma.com or enquire to:

 

 

Beximco Pharma

 

S M Rabbur Reza, Chief Operating Officer

Tel: +880 2 58611001, Ext.20111

 

Mohammad Ali Nawaz, Chief Financial Officer

Tel: +880 2 58611001, Ext.20030

 

SPARK Advisory Partners Limited (Nominated Adviser)

Mark Brady / Andrew Emmott

Tel: +44 (0) 20 3368 3551 / 3555

 

SP Angel Corporate Finance LLP (Broker)

Matthew Johnson

Tel: +44 (0) 20 3470 0470

 

FTI Consulting

Simon Conway / Victoria Foster Mitchell / Sam Purewal

Tel: +44 (0) 20 3727 1000

 

 

Notes to Editors

 

About Beximco Pharmaceuticals Limited

 

Beximco Pharma is a leading manufacturer and exporter of medicines based in Bangladesh. Since its inception in 1976, the Company remains committed to health and wellbeing of people across all the continents by providing access to contemporary medicines. Company's broad portfolio of generics encompasses diverse delivery systems such as tablets, capsules, liquids, semi-solids, intravenous fluids, metered dose inhalers, dry powder inhalers, sterile ophthalmic drops, insulins, prefilled syringes, injectables, nebuliser solutions, oral soluble films etc. The Company also undertakes contract manufacturing for multinational and leading global generic pharmaceutical companies.

 

Beximco Pharma′s state-of-the-art manufacturing facilities are certified by global regulatory authorities of USA, Europe, Australia, Canada, GCC and Latin America, among others and it has a geographic footprint in more than 50 countries. More than 5700 employees are driving the company towards achieving its aspiration to be among the most admired companies in the world.

 

 

 

 

Beximco Pharmaceuticals Limited and its Subsidiaries

 

Consolidated Statement of Financial Position (Un-audited)

 

As at March 31, 2024

 






Taka '000



March 31, 2024


 

June 30, 2023

ASSETS






Non-Current Assets


48,409,649

 

48,280,929

Property, Plant and Equipment- Carrying Value



42,318,291


42,245,615

Right-of-use Assets



585,647


562,224

Intangible Assets



4,748,985


4,721,035

Deferred Tax Asset



61,183


56,512

Goodwill



674,570


674,570

Other Investments



20,973


20,973

Current Assets


21,813,645

 

20,875,854

Inventories



12,058,717


12,133,278

Spares & Supplies



1,030,633


819,740

Accounts Receivable



3,758,675


3,574,655

Loans, Advances and Deposits



3,367,659


2,984,877

Advance Income Tax



237,537


227,618

Short Term Investment



200,000


-

Cash and Cash Equivalents



1,160,424


1,135,686







TOTAL ASSETS


70,223,294

 

69,156,783

SHAREHOLDERS' EQUITY AND LIABILITIES











Equity Attributable to the Owners of the Company


46,471,056

 

43,680,704

Issued Share Capital



4,461,121


4,461,121

Share Premium



5,269,475


5,269,475

Excess of Issue Price over Face Value of GDRs



1,689,637


1,689,637

Capital Reserve on Merger



294,951


294,951

Revaluation Surplus



1,138,274


1,141,178

Unrealized Gain/(Loss)



18,148


18,148

Retained Earnings



33,599,450


30,806,194

Non-Controlling Interests


3,939,521

 

3,938,962

TOTAL EQUITY


50,410,577

 

47,619,666

Non-Current Liabilities


7,670,626

 

8,272,093

Long Term Borrowings-Net of Current Maturity



1,603,815


2,550,833

Liability for Gratuity, Pension and WPPF & Welfare Funds



3,563,337


3,170,764

Deferred Tax Liability



2,503,474


2,550,496

Current Liabilities and Provisions


12,142,091

 

13,265,024

Short Term Borrowings



4,269,814


6,621,170

Long Term Borrowings-Current Maturity



1,554,338


1,439,895

Creditors and Other Payables



4,549,964


3,531,707

Accrued Expenses



1,042,281


1,129,700

Dividend Payable / Unclaimed Dividend



104,919


88,465

Income Tax Payable



620,775


454,087







TOTAL EQUITY AND LIABILITIES

70,223,294

 

69,156,783







 

 

 

Beximco Pharmaceuticals Limited and its Subsidiaries

 

Consolidated Statement of Profit or Loss and Other Comprehensive Income (Un-audited)

For the Period July 2023 - March 2024

 












Taka '000



July 2023-



July 2022-



January-



January-



March 2024



March 2023



March 2024



March 2023

Net Revenue


33,050,916

29,232,968

10,987,338

9,554,228

Cost of Goods Sold


(18,448,115)

(16,153,296)

(6,184,085)

(5,344,716)













Gross Profit


14,602,801

13,079,672

4,803,253

4,209,512

Operating Expenses


(8,083,749)

(7,452,634)

(2,826,393)

(2,679,866)

Administrative Expenses


(985,625)


(921,889)


(333,191)


(318,201)

Selling, Marketing and Distribution Expenses


(7,098,124)


(6,530,745)


(2,493,202)


(2,361,665)

Profit from Operations

 

6,519,052

 

5,627,038

 

1,976,860

 

1,529,646

Other Income


246,324

350,294

114,876

84,544

Finance Cost


(860,732)

(965,260)

(289,030)

(320,773)

Profit Before Contribution to WPPF & Welfare Funds

 











 

5,904,644

5,012,072

1,802,706

1,293,417

Contribution to WPPF & Welfare Funds


(286,781)

(247,669)

(86,901)

(66,373)













Profit Before Tax

 

5,617,863

4,764,403

1,715,805

1,227,044

Income Tax Expenses

 

(1,243,136)

(1,198,594)

(349,247)

(319,328)

Current Tax


(1,293,986)


(967,556)


(369,934)


(248,727)

Deferred Tax


50,850


(231,038)


20,687


(70,601)

Profit After Tax

 








 

4,374,727

3,565,809

1,366,558

907,716

Profit/(Loss) Attributable to:












Owners of the Company


4,350,901


3,634,594


1,364,518


950,563

Non-controlling interest


23,826


(68,785)


2,040


(42,847)



4,374,727

3,565,809

1,366,558

907,716

Other Comprehensive Income/(Loss)


-

(2,384)

-

-

Total Comprehensive Income


4,374,727

 

 

3,563,425

 

 

1,366,558

 

 

907,716













Total Comprehensive Income Attributable to:












Owners of the Company


4,350,901


3,632,210


1,364,518


950,563

Non-controlling interest


23,826


(68,785)


2,040


(42,847)



4,374,727

 

3,563,425

 

1,366,558

 

907,716













Earnings Per Share (EPS)


9.75

8.15

3.06

2.13

Number of Shares

Nos.

446,112,089

446,112,089

446,112,089

446,112,089

 

 

 

Beximco Pharmaceuticals Limited and its Subsidiaries

 

Consolidated Statement of Changes in Equity (Un-audited)

 

For the Period July 2023 - March 2024

 

As at March 31, 2024










Taka' 000


 

Share Capital

 

Share Premium

 

Excess of Issue Price over Face Value of GDRs

 

Capital Reserve on Merger

 

Revaluation Surplus

 

Unrealized Gain/(Loss)

 

Retained Earnings

 

Equity attributable to Owners of the Company

 

Non- Controlling Interests

 

Total Equity

Balance as on July 01, 2023

4,461,121

5,269,475

1,689,637

294,951

1,141,178

18,148

30,806,194

43,680,704

3,938,962

47,619,666

Total Comprehensive Income:

Profit/(Loss) for the Period

-

-

-

-

-

-

4,350,901

4,350,901

23,826

4,374,727

Other Comprehensive Income/(Loss)

-

-

-

-

-

-

-

-

-

-

Transactions with the Shareholders:


Cash Dividend

-

-

-

-

-

-

(1,561,392)

(1,561,392)

(23,267)

(1,584,659)

Adjustment for Depreciation on Revalued Assets

-

-

-

-

(3,747)

-

3,747

-

-

-

Adjustment for Deferred Tax on Revalued Assets

-

-

-

-

843

-

-

843

-

843

Balance as on March 31, 2024

4,461,121

5,269,475

1,689,637

294,951

1,138,274

18,148

33,599,450

46,471,056

3,939,521

50,410,577

Net Asset Value (NAV) Per Share

 

 

 

 

 

 

Tk.

104.17

 


 

As at March 31, 2023

 

 

 

 

 

 

 

 

 

   Taka' 000

 

 

Share Capital

 

Share Premium

 

Excess of Issue Price over Face Value of GDRs

 

Capital Reserve on Merger

 

Revaluation Surplus

 

Unrealized Gain/(Loss)

 

Retained Earnings

 

Equity attributable to Owners of the Company

 

Non- Controlling Interests

 

Total Equity

Balance as on July 01, 2022

4,461,121

5,269,475

1,689,637

294,951

1,116,896

20,532

27,747,886

40,600,498

4,035,507

44,636,005

Total Comprehensive Income:

Profit/(Loss) for the Period

-

-

-

-

-

-

3,634,594

3,634,594

(68,785)

3,565,809

Other Comprehensive Income/(Loss)

-

-

-

-

-

(2,384)

-

(2,384)

-

(2,384)

Transactions with the Shareholders:

Cash Dividend

-

-

-

-

-

-

(1,561,392)

(1,561,392)

(6,947)

(1,568,339)

Adjustment for Depreciation on Revalued Assets

-

-

-

-

(4,226)

-

4,226

-

-

-

Adjustment for Deferred Tax on Revalued Assets

-

-

-

-

951

-

-

951

-

951

Balance as on March 31, 2023

4,461,121

5,269,475

1,689,637

294,951

1,113,621

18,148

29,825,314

42,672,267

3,959,775

46,632,042

Net Asset Value (NAV) Per Share

 

 

 

 

 

 

Tk.

95.65

 


 

 

 

Beximco Pharmaceuticals Limited and its Subsidiaries

 

Consolidated Statement of Cash Flows (Un-audited)

 

For the Period July 2023 - March 2024








Taka '000











July 2023-


July 2022-



March 2024


March 2023

Cash Flows from Operating Activities:
















Receipts from Customers and Others


33,160,408




29,758,470

Payments to Suppliers and Employees


(24,573,460)




(23,676,156)

Cash Generated from Operations


8,586,948

 

 

 

6,082,314

Interest Paid


(853,639)

(961,273)

Interest Received


2,626

4,190

Income Tax Paid


(1,137,217)

(814,612)

Net Cash Generated from Operating Activities


6,598,718

 

4,310,619

Cash Flows from Investing Activities:
















Acquisition of Property, Plant and Equipment


(1,372,788)



(1,747,934)

Intangible Assets


(205,266)



(129,392)

Disposal of Property, Plant and Equipment


25,252



22,485

Disposal of Intangible Assets


-



67,725

Short Term Investment


(200,000)



-

Dividend Received


1,143



1,428

Net Cash Used in Investing Activities









(1,751,659)

(1,785,688)

Cash Flows from Financing Activities:

 







Net Increase /(Decrease) in Long Term Borrowings


(910,718)


(1,258,407)

Net Increase/(Decrease) in Short Term Borrowings


(2,351,356)


80,690

Dividend Paid


(1,568,205)


(1,553,471)

Net Cash (Used in) / from Financing Activities

 

(4,830,279)

 

(2,731,188)

Increase/(Decrease) in Cash and Cash Equivalents

 

16,780

(206,257)

Cash and Cash Equivalents at Beginning of Period


1,135,686

1,168,674

Effect of exchange rate changes on Cash and Cash Equivalents

7,958

21,389

Cash and Cash Equivalents at End of Period

 

1,160,424

 

 

983,806

 

 

 

 

Number of Shares

 

446,112,089

446,112,089

Net Operating Cash Flows Per Share

 

14.79

9.66

 

 

 

 

 

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