• 30 Jan 24
 

Beximco Pharma. - Half Year Results 2023-24

Beximco Pharmaceuticals Limited Sponsored GDR RegS | BXP | 42.5 0.50 1.2% | Mkt Cap: 189.6m


 
RNS Number : 2703B
Beximco Pharmaceuticals Ltd
30 January 2024
 

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


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


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


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

 

 

 

 

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