REG - Beximco Pharma. - Half Year Results 2023-24
30/01/2024 07:00
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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 (http://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 October - December 2023 October - December
2022 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
446,112,089 446,112,089
Number of Shares
Net Operating Cash Flows Per Share 10.01 5.33
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