Q3 Financial Results

RNS Number : 4638M

Beximco Pharmaceuticals Ltd

30 April 2024

BEXIMCO PHARMACEUTICALS LIMITED

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
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
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
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
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

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END

QRTZKLFLZZLZBBV

Date	30 Apr 2024
Time	07:00:06
Category	Results
ID	4638M

Date	30 Apr 2024
Time	07:00:06
Category	Results
ID	4638M

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Q3 Financial Results