REG - Beximco Pharma. - Q3 Financial Results
30/04/2024 07:00
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RNS Number : 4638M 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 (http://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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