Last checked at 30 Apr 2024 07:00
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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