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Name | Symbol | Market | Type |
---|---|---|---|
Beximco Pharma | LSE:BXP | London | Depository Receipt |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 40.50 | 39.00 | 42.00 | 41.40 | 40.50 | 40.50 | 1,630 | 08:00:11 |
TIDMBXP
RNS Number : 4121S
Beximco Pharmaceuticals Ltd
06 November 2023
6 November 2023
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
Financial Results for the First Quarter Ended 30 September 2023
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 results for the three-month period ended 30 September 2023. The information set out below has been released to the Dhaka and Chittagong Stock Exchanges in compliance with the requirements from the Bangladesh SEC.
Beximco Pharma Managing Director Nazmul Hassan MP commented:
"Amidst challenges, we delivered strong growth in revenue in this first quarter. The ongoing macro-economic headwinds, especially the devaluation of currency and high inflationary pressures, weigh on our bottom line and somewhat overshadow our accomplishment. That said, we remain confident in the strength of the business and our strategy as we continue to focus on growth through the delivery of high-quality, affordable medicines to patients."
The detailed accounts can be viewed at the Company website: www.beximcopharma.com
For further information please visit www.beximcopharma.com or enquire to:
Beximco Pharma
Nazmul Hassan MP, Managing Director
Tel: +880 2 586/11001, Ext.20080
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 5,500 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 September 30, 2023
Taka '000 September June 30, 30, 2023 2023 ASSETS Non-Current Assets 48,409,531 48,280,929 Property, Plant and Equipment- Carrying Value 42,356,471 42,245,615 Right-of-use Assets 538,197 562,224 Intangible Assets 4,766,816 4,721,035 Deferred Tax Asset 52,504 56,512 Goodwill 674,570 674,570 Other Investments 20,973 20,973 Current Assets 20,942,045 20,875,854 Inventories 11,958,465 12,133,278 Spares & Supplies 888,249 819,740 Accounts Receivable 3,671,221 3,574,655 Loans, Advances and Deposits 3,049,766 2,984,877 Advance Income Tax 230,467 227,618 Short Term Investment 200,000 - Cash and Cash Equivalents 943,877 1,135,686 ---------- ---------- TOTAL ASSETS 69,351,576 69,156,783 ---------- ---------- SHAREHOLDERS' EQUITY AND LIABILITIES Equity Attributable to the Owners of the Company 45,233,894 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 1,140,210 1,141,178 Unrealized Gain/(Loss) 18,148 18,148 Retained Earnings 32,360,352 30,806,194 Non-Controlling Interest 3,953,454 3,938,962 TOTAL EQUITY 49,187,348 47,619,666 Non-Current Liabilities 8,383,552 8,272,093 Long Term Borrowings-Net of Current Maturity 2,306,715 2,550,833 Liability for Gratuity, Pension and WPPF & Welfare Funds 3,535,080 3,170,764 Deferred Tax Liability 2,541,757 2,550,496 Current Liabilities and Provisions 11,780,676 13,265,024 Short Term Borrowings 4,732,715 6,621,170 Long Term Borrowings-Current Maturity 1,468,445 1,439,895 Creditors and Other Payables 3,706,475 3,531,707 Accrued Expenses 1,032,588 1,129,700 Dividend Payable / Unclaimed Dividend 88,235 88,465 Income Tax Payable 752,218 454,087 ---------- ---------- TOTAL EQUITY AND LIABILITIES 69,351,576 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 - September 2023
Taka '000 July -September July -September 2023 2022 Net Revenue 11,159,367 9,787,202 Cost of Goods Sold (6,251,512) (5,351,036) --------------- --------------- Gross Profit 4,907,855 4,436,166 --------------- --------------- Operating Expenses (2,598,458) (2,313,283) --------------- --------------- Administrative Expenses (304,684) (274,747) Selling, Marketing and Distribution Expenses (2,293,774) (2,038,536) --------------- --------------- Profit from Operations 2,309,397 2,122,883 Other Income 144,875 168,042 Finance Cost (297,754) (310,973) Profit Before Contribution to WPPF & Welfare Funds 2,156,518 1,979,952 Contribution to WPPF & Welfare Funds (103,572) (98,210) --------------- --------------- Profit Before Tax 2,052,946 1,881,742 Income Tax Expenses (485,545) (469,029) --------------- --------------- Current Tax (489,995) (393,848) Deferred Tax 4,450 (75,181) --------------- --------------- Profit After Tax 1,567,401 1,412,713 Profit/(Loss) Attributable to: --------------- --------------- Owners of the Company 1,552,909 1,447,027 Non-Controlling Interest 14,492 (34,314) --------------- --------------- 1,567,401 1,412,713 Other Comprehensive Income/(Loss) - (3,340) --------------- --------------- Total Comprehensive Income 1,567,401 1,409,373 Total Comprehensive Income Attributable to: --------------- --------------- Owners of the Company 1,552,909 1,443,687
Non-Controlling Interest 14,492 (34,314) --------------- --------------- 1,567,401 1,409,373 =============== =============== Earnings Per Share (EPS) Tk. 3.48 3.24 =============== =============== Number of Shares Nos. 446,112,089 446,112,089
Beximco Pharmaceuticals Limited and its Subsidiaries
Consolidated Statement of Changes in Equity (Un-audited)
For the Period July - September 2023
As at September 30, 2023 Taka '000 ---------------------------------------------------------------------------------------------------------------------------------------- Share Share Excess Capital Revaluation Unrealized Retained Equity Non- Total Capital Premium of Issue Reserve Surplus Gain/ Earnings attributable Controlling Equity Price on Merger (Loss) to Owners Interests over of the Face Company Value of GDRs --------- --------- --------- --------- ------------- ---------- ---------- ------------ ----------- ---------- 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 - - - - - - 1,552,909 1,552,909 14,492 1,567,401 --------- --------- --------- --------- ------------- ---------- ---------- ------------ ----------- ---------- Other - - - - - - - - - - Comprehensive Income/(Loss) --------- --------- --------- --------- ------------- ---------- ---------- ------------ ----------- ---------- Adjustment for Depreciation on Revalued Assets - - - - (1,249) - 1,249 - - - --------- --------- --------- --------- ------------- ---------- ---------- ------------ ----------- ---------- Adjustment for Deferred Tax on Revalued Assets - - - - 281 - - 281 - 281 --------- --------- --------- --------- ------------- ---------- ---------- ------------ ----------- ---------- Balance as on September 30, 2023 4,461,121 5,269,475 1,689,637 294,951 1,140,210 18,148 32,360,352 45,233,894 3,953,454 49,187,348 --------- --------- --------- --------- ------------- ---------- ---------- ------------ ----------- ---------- Net Asset Value (NAV) Per Share Tk. 101.40 ------------------------- --------- -------------- ------------ ----------------- ---------- ------------ ----------- ---------- As at September 30, 2022 ------------------------------------------------------------------------------------------------------------------------------------ Share Share Excess Capital Revaluation Unrealized Retained Equity Non- Total Capital Premium of Issue Reserve Surplus Gain/ Earnings attributable Controlling Equity Price on (Loss) to Owners Interests over Merger of the Face Company Value of GDRs --------- --------- --------- ------- ----------- ---------- ---------- ------------ ----------- ---------- 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 - - - - - - 1,447,027 1,447,027 (34,314) 1,412,713 --------- --------- --------- ------- ----------- ---------- ---------- ------------ ----------- ---------- Other Comprehensive Income/(Loss) - - - - - (3,340) - (3,340) - (3,340) --------- --------- --------- ------- ----------- ---------- ---------- ------------ ----------- ---------- Adjustment for Depreciation on Revalued Assets - - - - (1,409) - 1,409 - - - --------- --------- --------- ------- ----------- ---------- ---------- ------------ ----------- ---------- Adjustment for Deferred Tax on Revalued Assets - - - - 317 - - 317 - 317 --------- --------- --------- ------- ----------- ---------- ---------- ------------ ----------- ---------- Balance as on September 30, 2022 4,461,121 5,269,475 1,689,637 294,951 1,115,804 17,192 29,196,322 42,044,502 4,001,193 46,045,695 --------- --------- --------- ------- ----------- ---------- ---------- ------------ ----------- ---------- Net Asset Value (NAV) Per Share Tk. 94.25 ------------------------------------ --------- ------- ----------- ---------- ---------- ------------ ----------- ----------
Beximco Pharmaceuticals Limited and its Subsidiaries
Consolidated Statement of Cash Flows (Un-audited)
For the Period July - September 2023
Taka '000 July -September July -September 2023 2022 Cash Flows from Operating Activities: --------------- --------------- Receipts from Customers and Others 11,197,080 9,853,354 Payments to Suppliers and Employees (7,998,606) (8,584,421) --------------- --------------- Cash Generated from Operations 3,198,474 1,268,933 Interest Paid (295,410) (310,322) Interest Received - 1,310 Income Tax Paid (194,713) (275,443) Net Cash Generated from Operating Activities 2,708,351 684,478 Cash Flows from Investing Activities: --------------- --------------- Acquisition of Property, Plant and Equipment (513,160) (636,985) Intangible Assets (97,638) (45,431) Disposal of Property, Plant and Equipment 3,488 20 Disposal of Intangible Assets - 52,125 Short Term Investment (200,000) - Net Cash Used in Investing Activities (807,310) (630,271) Cash Flows from Financing Activities: --------------- --------------- Net Increase /(Decrease) in Long Term Borrowings (211,318) (619,541) Net Increase/(Decrease) in Short Term Borrowings (1,888,455) 256,464 Dividend Paid (231) (295) --------------- --------------- Net Cash (Used in) / from Financing Activities (2,100,004) (363,372) Increase/(Decrease) in Cash and Cash Equivalents (198,963) (309,165) Cash and Cash Equivalents at Beginning of Period 1,135,686 1,168,674 Effect of Exchange Rate Changes on Cash and Cash Equivalents 7,154 13,144
--------------- --------------- Cash and Cash Equivalents at End of Period 943,877 872,653 Number of Shares 446,112,089 446,112,089 Net Operating Cash Flows Per Share 6.07 1.53
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November 06, 2023 02:00 ET (07:00 GMT)
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