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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 | 3,567 | 08:00:11 |
TIDMBXP
RNS Number : 9663X
Beximco Pharmaceuticals Ltd
02 May 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.
30 April 2023
BEXIMCO PHARMACEUTICALS LTD.
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, announces its unaudited financial results for the third quarter and nine months ended 31 March 2023.
The detailed accounts can be viewed in the Company's website www.beximcopharma.com
Financial highlights
Nine months ended 31 March 2023 (consolidated)
-- Net revenue increased 12.7% to Bangladesh Taka ("BDT") 29,233.0m / GBP 228.2m (2021-2022: BDT 25,928.5m / GBP229.1m)
-- Profit after tax decreased 15.1% to BDT 3,565.8m / GBP 27.8m (2021-2022: BDT 4,201.2m / GBP37.1m )
Third quarter ended 31 March 2023
(consolidated)
-- Net revenue increased 6.6% to BDT 9,554.2m / GBP 74.6m (2021-2022: BDT 8,959.6m / GBP79.2m )
-- Profit after tax decreased 15.1% to BDT 907.7m / GBP 7.1m (2021-2022: BDT 1,069.3 m / GBP9.4m )
Nazmul Hassan MP, Managing Director of Beximco Pharmaceuticals, commented:
"We are pleased to report another period of double-digit revenue growth as we continue to provide patients in Bangladesh and across the world with affordable, high-quality medicines. While the impact of macroeconomic headwinds on our bottom line persists, these financial results are testament to the Company's growth strategy and highlight the underlying strength of the business. We look forward to providing a further update at year-end."
(Exchange rates of GBP1 = Taka 128.09 for 31 March 2023 numbers and GBP1 = Taka 113.19 for 31 March 2022 have been used in this announcement.)
For further information please visit www.beximcopharma.com or enquire to:
Beximco Pharma
Nazmul Hassan MP, Managing Director
Tel: +880 2 58611001, 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)
Vadim Alexandre / Abigail Wayne
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 March 31, 2023
Taka '000 June 30, March 31,2023 2022 ASSETS Non-Current Assets 47,994,324 47,728,777 Property, Plant and Equipment- Carrying Value 42,169,620 41,760,331 Right-of-use Assets 606,597 618,891 Intangible Assets 4,445,048 4,562,988 Deferred Tax Asset 77,516 88,640 Goodwill 674,570 674,570 Other Investments 20,973 23,357 ------------- ========== Current Assets 20,853,145 18,419,258 Inventories 12,387,093 10,405,295 Spares & Supplies 957,887 718,797 Accounts Receivable 3,125,843 3,142,817 Loans, Advances and Deposits 3,174,049 2,787,040 Advance Income Tax 224,467 196,635 Cash and Cash Equivalents 983,806 1,168,674 TOTAL ASSETS 68,847,469 66,148,035 ============= ========== SHAREHOLDERS' EQUITY AND LIABILITIES Equity Attributable to the Owners of the Company 42,672,267 40,600,498 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 1,113,621 1,116,896 Unrealized Gain/(Loss) 18,148 20,532 Retained Earnings 29,825,314 27,747,886 ------------- ---------- Non-Controlling Interest 3,959,775 4,035,507 TOTAL EQUITY 46,632,042 44,636,005 Non-Current Liabilities 8,979,252 8,776,099 Long Term Borrowings-Net of Current Maturity 3,056,972 3,454,189 Liability for Gratuity, Pension and WPPF & Welfare Funds 3,166,479 2,785,072 Deferred Tax Liability 2,755,801 2,536,838 ============= ========== Current Liabilities and Provisions 13,236,175 12,735,931 Short Term Borrowings 6,931,240 6,850,550 Long Term Borrowings-Current Maturity 1,402,992 2,065,962 Creditors and Other Payables 3,468,995 2,465,039 Accrued Expenses 1,049,805 1,166,882 Dividend Payable / Unclaimed Dividend 102,918 88,049 Income Tax Payable 280,225 99,449 ------------- ---------- TOTAL EQUITY AND LIABILITIES 68,847,469 66,148,035 ============= ==========
Beximco Pharmaceuticals Limited and its Subsidiaries
Consolidated Statement of Profit or Loss and Other Comprehensive Income (Un-audited)
For the Period July 2022 -March 2023
Taka '000 July 2022- July 2021- January- January- March March March March 2023 2022 2023 2022 Net Revenue 29,232,968 25,928,465 9,554,228 8,959,561 Cost of Goods Sold (16,153,296) (13,709,232) (5,340,167) (4,909,975) Gross Profit 13,079,672 12,219,233 4,214,061 4,049,586 Operating Expenses (7,464,924) (6,499,068) (2,683,938) (2,263,642) Administrative Expenses (966,283) (888,247) (340,941) (314,408) Selling, Marketing and Distribution Expenses (6,498,641) (5,610,821) (2,342,997) (1,949,234) ============= Profit from Operations 5,614,748 5,720,165 1,530,123 1,785,944 Other Income 362,584 974,419 84,067 172,447 Finance Cost (965,260) (709,894) (320,773) (277,537) Profit Before Contribution to WPPF & Welfare Funds 5,012,072 5,984,690 1,293,417 1,680,854 Contribution to WPPF & Welfare Funds (247,669) (300,555) (66,373) (84,745) Profit Before Tax 4,764,403 5,684,135 1,227,044 1,596,109 Income Tax Expenses (1,198,594) (1,482,958) (319,328) (526,803) Current Tax (967,556) (1,244,950) (248,727) (247,863)
Deferred Tax (231,038) (238,008) (70,601) (278,940) ------------- ------------ ----------- ----------- Profit After Tax 3,565,809 4,201,177 907,716 1,069,306 Profit/(Loss) Attributable to: ============= ============ =========== =========== Owners of the Company 3,634,594 4,280,454 950,563 1,102,438 Non-controlling interest (68,785) (79,277) (42,847) (33,132) ============= 3,565,809 4,201,177 907,716 1,069,306 Other Comprehensive Income/(Loss) (2,384) 10,676 - 789 Total Comprehensive Income 3,563,425 4,211,853 907,716 1,070,095 ============= ============ =========== =========== Total Comprehensive Income Attributable to: ============= ============ =========== =========== Owners of the Company 3,632,210 4,291,130 950,563 1,103,227 Non-controlling interest (68,785) (79,277) (42,847) (33,132) ============= 3,563,425 4,211,853 907,716 1,070,095 ============= ============ =========== =========== Earnings Per Share (EPS) 8.15 9.60 2.13 2.47 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 2022 -March 2023
As at March Taka' 31, 2023 000 -------------- --------- --------- --------- -------- ------------ ------------ ----------- ------------- ------------ ----------- Share Share Excess Capital Revaluation Unrealized Retained Equity Non- Total Capital Premium of Issue Reserve Surplus Gain/(Loss) Earnings attributable Controlling Equity Price on 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 - - - - - - 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 -------------- --------- --------- --------- -------- ------------ ------------ ----------- ------------- ------------ ----------- As at March 31, 2022 Taka' 000 ----------------------------------------------------------- --------------------------------------------------------------------------------- Share Share Excess Capital Revaluation Unrealized Retained Equity Non- Total Capital Premium of Issue Reserve Surplus Gain/(Loss) Earnings attributable Controlling Equity Price on to Owners Interests over Merger of the Face Company Value of GDRs --------- --------- --------- -------- ------------ ------------ ----------- ------------- ------------ ----------- Balance as on July 01, 2021 4,461,121 5,269,475 1,689,637 294,951 1,121,825 13,767 24,179,783 37,030,559 334,307 37,364,866 --------- --------- --------- -------- ------------ ------------ ----------- ------------- ------------ ----------- NCI at the date of acquisition-SPP - - - - - - - - 3,857,135 3,857,135 --------- --------- --------- -------- ------------ ------------ ----------- ------------- ------------ ----------- Total Comprehensive Income: Profit/(Loss) for the Period - - - - - - 4,280,454 4,280,454 (79,277) 4,201,177 --------- --------- --------- -------- ------------ ------------ ----------- ------------- ------------ ----------- Other Comprehensive Income/(Loss) - - - - - 10,676 - 10,676 - 10,676 --------- --------- --------- -------- ------------ ------------ ----------- ------------- ------------ ----------- Transactions with the Shareholders: Cash Dividend - - - - - - (1,561,392) (1,561,392) (31,410) (1,592,802) --------- --------- --------- -------- ------------ ------------ ----------- ------------- ------------ ----------- Adjustment for Depreciation on Revalued Assets - - - - (4,769) - 4,769 - - - --------- --------- --------- -------- ------------ ------------ ----------- ------------- ------------ ----------- Adjustment for Deferred Tax on Revalued Assets - - - - 1,073 - - 1,073 - 1,073 --------- --------- --------- -------- ------------ ------------ ----------- ------------- ------------ ----------- Balance as on March 31, 2022 4,461,121 5,269,475 1,689,637 294,951 1,118,129 24,443 26,903,614 39,761,370 4,080,755 43,842,125 --------- --------- --------- -------- ------------ ------------ ----------- ------------- ------------ ----------- Net Asset Value (NAV) Per Share Tk. 89.13 ---------------- --------- --------- --------- -------- ------------ ------------ ----------- ------------- ------------ -----------
Beximco Pharmaceuticals Limited and its Subsidiaries
Consolidated Statement of Cash Flows (Un-audited)
For the Period July 2022 -March 2023
Taka '000 July 2022- July 2021- March 2023 March 2022 Cash Flows from Operating Activities : Receipts from Customers and Others 29,770,760 26,197,399 Payments to Suppliers and Employees (23,688,446) (20,550,726) ============ ------------ Cash Generated from Operations 6,082,314 5,646,673 Interest Paid (961,273) (710,512) Interest Received 4,190 2,345 Income Tax Paid (814,612) (975,253) Net Cash Generated from Operating Activities 4,310,619 3,963,253 Cash Flows from Investing Activities : Acquisition of Property, Plant and Equipment (1,747,934) (1,829,104) Intangible Assets (129,392) (8,391) Synovia Acquisition - (4,766,636) Disposal of Property, Plant and Equipment 22,485 17,580 Disposal of Intangible Assets 67,725 - Dividend Received 1,428 2,015 -------------- (1,785,688 Net Cash Used in Investing Activities ) (6,584,536) Cash Flows from Financing Activities : Net Increase /(Decrease) in Long Term Borrowings (1,258,407) 3,084,250 Net Increase/(Decrease) in Short Term Borrowings 80,690 757,682 Dividend Paid (1,553,471) (1,611,308) ============ -------------- Net Cash (Used in) / from Financing Activities (2,731,188) 2,230,624 Increase/(Decrease) in Cash and Cash Equivalents (206,257) (390,659) Cash and Cash Equivalents at Beginning of Period 1,168,674 973,964 Effect of exchange rate changes on Cash and Cash Equivalents 21,389 5,739 Cash and Cash Equivalents at End of Period 983,806 589,044 ============ ============= Net Operating Cash Flows Per Share 9.66 8.88 Number of Shares 446,112,089 446,112,089 --------------------------------------------------------- ------------ ---------------------
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