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
|
|
|
|
|
|
|
|
|
|
|
|
|
| |