Last checked at 30 Jan 2024 07:00
30 January 2024
This announcement contains inside information as stipulated under the UK version of the Market Abuse Regulation 596/2014 which is part of English Law by virtue of the European (Withdrawal) Act 2018, as amended. On publication of this announcement via a regulatory information service, this information is considered to be in the public domain.
BEXIMCO PHARMACEUTICALS LIMITED
Half Year Results 2023-24
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 six months ended 31 December 2023.
Financial highlights
Half year financial highlights
· Net sales increased 12.1% to Bangladesh Taka ("BDT") 22,063.6m / £ 157.7m (2022-23: BDT 19,678.7m / £ 164.4m)
o Domestic sales increased 12.9% to BDT 20,733.4m / £148.2m (2022-23: BDT 18,370.9m / £153.4m )
o Export sales increased 1.7% to BDT 1,330.2m / £9.5m (2022-23: BDT 1,307.8m / £10.9m)
· Profit after tax increased 13.2% to BDT 3,008.2m / £21.5m (2022-23: BDT 2,658.1.m / £22.2m)
Second quarter financial highlights
· Net sales increased 10.2% to BDT 10,904.2m / £77.9m (2022-23: BDT 9,891.5m / £82.6m)
· Profit after tax increased 15.7% to BDT 1440.8m / £10.3m (2022-23: BDT 1,245.4m / £10.4m)
Operational highlights
· Launched 15 new products (22 presentations) in Bangladesh market of which 10 are for the first time
· Completed 19 new registrations of 19 products in 7 countries
· Received two product approvals from the US FDA
o Hydroxyzine Pamoate capsule (an antihistamine drug), and Carbidopa tablet (an antiparkinson drug)
· Obtained two product approvals from the Therapeutic Goods Administration (TGA), Australia
o Mometasone nasal spray (a corticosteroid), and Hyoscine Butylbromide tablet (an antispasmodic drug)
· Won the National Export Trophy (Gold) for a record eighth time
Ahmed Sohail Fasihur Rahman, Chairman of Beximco Pharmaceuticals, commented:
"We are pleased with the underlying performance of our top and bottom lines over the period despite currency devaluation impacting the results when translated into GBP. Operationally, we have continued to strengthen our portfolio over the period with 15 new product launches in Bangladesh and have received important approvals from the US FDA and the Australian TGA. We look forward to continuing this momentum into the second half of the year."
The half yearly accounts can be viewed at the Company's website: www.beximcopharma.com
(Exchange rates of £1 = Taka 139.9145 for 31 December 2023 numbers and £1 = 119.7199 for 31 December 2022 have been used in this announcement.)
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
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 (Unaudited)
As at December 31, 2023
Taka '000 | |||
December 31, 2023 | June 30, 2023 | ||
ASSETS | |||
Non-Current Assets | 48,482,883 |
| 48,280,929 |
Property, Plant and Equipment- Carrying Value | 42,380,652 | 42,245,615 | |
Right-of-use Assets | 563,598 | 562,224 | |
Intangible Assets | 4,785,070 | 4,721,035 | |
Deferred Tax Asset | 58,020 | 56,512 | |
Goodwill | 674,570 | 674,570 | |
Other Investments | 20,973 | 20,973 | |
Current Assets | 22,143,790 |
| 20,875,854 |
Inventories | 12,374,309 | 12,133,278 | |
Spares & Supplies | 1,020,453 | 819,740 | |
Accounts Receivable | 3,707,317 | 3,574,655 | |
Loans, Advances and Deposits | 3,465,539 | 2,984,877 | |
Advance Income Tax | 230,359 | 227,618 | |
Short Term Investment | 250,000 | - | |
Cash and Cash Equivalents | 1,095,813 | 1,135,686 | |
TOTAL ASSETS | 70,626,673 |
| 69,156,783 |
|
|
| |
SHAREHOLDERS' EQUITY AND LIABILITIES |
|
|
|
Equity Attributable to the Owners of the Company | 45,106,257 |
| 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 | 1,139,242 | 1,141,178 | |
Unrealized Gain/(Loss) | 18,148 | 18,148 | |
Retained Earnings | 32,233,683 | 30,806,194 | |
|
| ||
Non-Controlling Interest | 3,937,481 |
| 3,938,962 |
TOTAL EQUITY | 49,043,738 |
| 47,619,666 |
Non-Current Liabilities | 7,982,275 |
| 8,272,093 |
Long Term Borrowings-Net of Current Maturity | 1,816,284 | 2,550,833 | |
Liability for Gratuity and WPPF & Welfare Funds | 3,644,712 | 3,170,764 | |
Deferred Tax Liability | 2,521,279 | 2,550,496 | |
| |||
Current Liabilities and Provisions | 13,600,660 |
| 13,265,024 |
Short Term Borrowings | 4,228,692 | 6,621,170 | |
Long Term Borrowings-Current Maturity | 1,558,911 | 1,439,895 | |
Creditors and Other Payables | 4,375,291 | 3,531,707 | |
Accrued Expenses | 993,934 | 1,129,700 | |
Dividend Payable / Unclaimed Dividend | 1,671,998 | 88,465 | |
Income Tax Payable | 771,834 | 454,087 | |
TOTAL EQUITY AND LIABILITIES | 70,626,673 |
| 69,156,783 |
Beximco Pharmaceuticals Limited and its Subsidiaries
Consolidated Statement of Profit or Loss and Other Comprehensive Income (Unaudited)
For the Period July-December 2023
Taka '000 | ||||||||
July - December 2023 |
| July - December 2022 |
| October - December 2023 |
| October - December 2022 | ||
Net Revenue | 22,063,578 |
| 19,678,740 |
| 10,904,211 |
| 9,891,538 | |
Cost of Goods Sold | (12,264,030) | (10,808,580) | (6,012,518) | (5,457,544) | ||||
Gross Profit |
| 9,799,548 |
| 8,870,160 |
| 4,891,693 |
| 4,433,994 |
Operating Expenses |
| (5,257,356) |
| (4,772,768) |
| (2,658,898) |
| (2,459,485) |
Administrative Expenses | (652,434) | (603,688) | (347,750) | (328,941) | ||||
Selling, Marketing and Distribution Expenses | (4,604,922) | (4,169,080) | (2,311,148) | (2,130,544) | ||||
Profit from Operations |
| 4,542,192 |
| 4,097,392 |
| 2,232,795 |
| 1,974,509 |
Other Income | 131,448 | 265,750 | (13,427) | 97,708 | ||||
Finance Cost | (571,702) | (644,487) | (273,948) | (333,514) | ||||
Profit Before Contribution to WPPF & Welfare Funds | 4,101,938 |
| 3,718,655 |
| 1,945,420 |
| 1,738,703 | |
Contribution to WPPF & Welfare Funds | (199,880) | (181,296) | (96,308) | (83,086) | ||||
Profit Before Tax |
| 3,902,058 |
| 3,537,359 |
| 1,849,112 |
| 1,655,617 |
Income Tax Expenses |
| (893,889) |
| (879,266) |
| (408,344) |
| (410,237) |
Current Tax | (924,052) | (718,829) | (434,057) | (324,981) | ||||
Deferred Tax | 30,163 | (160,437) | 25,713 | (85,256) | ||||
Profit After Tax |
| 3,008,169 |
| 2,658,093 |
| 1,440,768 |
| 1,245,380 |
Profit/(Loss) Attributable to: |
|
|
|
|
|
|
|
|
Owners of the Company | 2,986,383 | 2,684,031 | 1,433,474 | 1,237,004 | ||||
Non-controlling Interest | 21,786 | (25,938) | 7,294 | 8,376 | ||||
3,008,169 |
| 2,658,093 |
| 1,440,768 |
| 1,245,380 | ||
Other Comprehensive Income/(Loss) | - | (2,384) | - | 956 | ||||
Total Comprehensive Income |
| 3,008,169 |
| 2,655,709 |
| 1,440,768 |
| 1,246,336 |
| ||||||||
Total Comprehensive Income Attributable to: | ||||||||
Owners of the Company | 2,986,383 | 2,681,647 | 1,433,474 | 1,237,960 | ||||
Non-controlling Interest | 21,786 | (25,938) | 7,294 | 8,376 | ||||
3,008,169 |
| 2,655,709 |
| 1,440,768 |
| 1,246,336 | ||
Earnings Per Share (EPS) |
6.69 |
6.02 |
3.21 |
2.77 | ||||
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 (Unaudited)
For the Period July-December 2023
As at December 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 the 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 | - | - | - | - | - | - | 2,986,383 | 2,986,383 | 21,786 | 3,008,169 |
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 | - | - | - | - | (2,498) | - | 2,498 | - | - | - |
Adjustment for Deferred Tax on Revalued Assets | - | - | - | - | 562 | - | - | 562 | - | 562 |
Balance as on December 31, 2023 | 4,461,121 | 5,269,475 | 1,689,637 | 294,951 | 1,139,242 | 18,148 | 32,233,683 | 45,106,257 | 3,937,481 | 49,043,738 |
Net Asset Value (NAV) Per Share |
Tk. |
101.11 | ||||||||
As at December 31, 2022 | 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 the 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 | - | - | - | - | - | - | 2,684,031 | 2,684,031 | (25,938) | 2,658,093 |
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 | - | - | - | - | (2,817) | - | 2,817 | - | - | - |
Adjustment for Deferred Tax on Revalued Assets | - | - | - | - | 634 | - | - | 634 | - | 634 |
Balance as on December 31, 2022 | 4,461,121 | 5,269,475 | 1,689,637 | 294,951 | 1,114,713 | 18,148 | 28,873,342 | 41,721,387 | 4,002,622 | 45,724,009 |
Net Asset Value (NAV) Per Share |
Tk. |
93.52 | ||||||||
Beximco Pharmaceuticals Limited and its Subsidiaries
Consolidated Statement of Cash Flows (Unaudited)
For the Period July-December 2023
Taka '000 | |||
| July - December 2023 |
| July - December 2022 |
Cash Flows from Operating Activities : | |||
Receipts from Customers and Others | 22,150,381 | 19,948,007 | |
Payments to Suppliers and Employees | (16,504,378) | (16,401,961) | |
Cash Generated from Operations | 5,646,003 |
| 3,546,046 |
Interest Paid | (570,773) | (642,283) | |
Interest Received | 1,507 | 4,147 | |
Income Tax Paid | (609,045) | (531,799) | |
Net Cash Generated from Operating Activities | 4,467,692 |
| 2,376,111 |
Cash Flows from Investing Activities : | |||
| |||
Acquisition of Property, Plant and Equipment | (983,629) | (1,338,771) | |
Intangible Assets | (178,608) | (37,494) | |
Disposal of Property, Plant and Equipment | 4,947 | 13,015 | |
Disposal of Intangible Assets | - | 52,125 | |
Short Term Investment | (250,000) | - | |
Net Cash Used in Investing Activities | (1,407,290) |
| (1,311,125) |
Cash Flows from Financing Activities : | |||
Net Increase /(Decrease) in Long Term Borrowings | (714,610) | (1,051,068) | |
Net Increase/(Decrease) in Short Term Borrowings | (2,392,478) | 46,974 | |
Dividend Paid | (1,127) | (771) | |
Net Cash (Used in ) / from Financing Activities | (3,108,215) |
| (1,004,865) |
Increase/(Decrease) in Cash and Cash Equivalents | (47,813) | 60,121 | |
Cash and Cash Equivalents at Beginning of Period | 1,135,686 | 1,168,674 | |
Effect of Exchange Rate Changes on Cash and Cash Equivalents | 7,940 | 17,734 | |
Cash and Cash Equivalents at End of Period | 1,095,813 |
| 1,246,529 |
Number of Shares | 446,112,089 |
| 446,112,089 |
Net Operating Cash Flows Per Share | 10.01 |
| 5.33 |