(Alliance News) - Beximco Pharmaceuticals Ltd on Monday expressed confidence going ahead following double-digit earnings growth in its most recently ended financial year.
The stock was up 2.9% in London at 40.45 pence a share in morning trade.
The manufacturer of generic drugs said pretax profit in the year to the end of June grew by 18% to BDT3.95 billion, about GBP36.3 million, from BDT3.36 billion reported a year earlier, as net revenue rose by 29% to BDT22.82 billion from BDT17.72 billion.
"Our impressive organic revenue growth was supplemented by revenues from Nuvista Pharma, which we acquired in April 2018," said Managing Director Nazmul Hassan.
Domestic sales increased by 25% to BDT20.31 billion from GBP16.24 billion year-on-year, while export sales rose by 69% to BDT2.50 billion from BDT1.48 billion.
During the year, the company said it has launched a total of 20 new products, including recombinant human insulin and the insulin pen.
Beximco declared a BDT1.50 per share dividend, up 20% from BDT1.25 a share paid a year before.
Looking ahead, Hassan said: "I am confident we can build on this momentum and continue to build value for our shareholders."
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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Beximco Pharma (BXP)