RNS Number : 1016S
Beximco Pharmaceuticals Ltd
11 November 2021
 

11 November 2021

 

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 2021

 

Momentum continues with strong double-digit growth

 

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 2021. The information set out below has been released to the Dhaka and Chittagong Stock Exchanges in compliance with the requirements from the Bangladesh SEC.

 

Nazmul Hassan MP, Managing Director of Beximco Pharmaceuticals, commented:

 

"The momentum evident from our strong performance in the last financial year has continued into the first quarter. Compared to the equivalent period last year, quarterly revenue increased 22% and profit after tax 36%. As operational challenges caused by the COVID-19 pandemic begin to ease, we believe we are well-positioned as we execute against our strategy, continuing to focus on expanding our portfolio, growing domestically and expanding in our international markets."

 

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 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

 

Jamal Ahmed Choudhury, Director, Accounts & Finance

Tel: +880 2 58611001, Ext.20022

 

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 5500 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 September 30, 2021

 




Taka '000



September 30, 2021


June 30, 2021


ASSETS







Non-Current Assets

43,774,000

38,475,238


Property, Plant and Equipment- Carrying Value


36,731,364


36,211,376


Right-of-use Assets


347,841


319,885


Intangible Assets


1,356,869


1,380,694


Goodwill


546,691


546,691


Advance for Sanofi Acquisition


4,766,636


-


Other Investments


24,599


16,592








Current Assets

13,984,545

13,770,846


Inventories


7,744,085


7,142,863


Spares & Supplies


702,841


661,723


Accounts Receivable


2,549,083


2,873,845


Loans, Advances and Deposits


2,443,275


2,416,948


Cash and Cash Equivalents


545,261


675,467














TOTAL ASSETS

57,758,545

52,246,084


SHAREHOLDERS' EQUITY AND LIABILITIES
















Equity Attributable to the Owners of the Company

38,504,232

37,030,559


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


1,120,593


1,121,825


Unrealized Gain/(Loss)


21,774


13,767


Retained Earnings


25,646,681


24,179,783








Non-Controlling Interest

344,545

334,307


TOTAL EQUITY

38,848,777

37,364,866


Non-Current Liabilities

9,029,387

5,531,540


Long Term Borrowings-Net of Current Maturity


4,403,464


1,206,717


Liability for Gratuity and WPPF & Welfare Funds


2,631,814


2,335,257


Deferred Tax Liability


1,994,109


1,989,566


Current Liabilities and Provisions

9,880,381

9,349,678


Short Term Borrowings


4,771,639


5,023,181


Long Term Borrowings-Current Maturity


1,979,053


1,401,406


Creditors and Other Payables


2,220,032


1,965,048


Accrued Expenses


437,838


619,399


Dividend Payable / Unclaimed Dividend


53,657


118,138


Income Tax Payable


418,162


222,506














TOTAL EQUITY AND LIABILITIES

57,758,545

52,246,084














 

 

 

 

Beximco Pharmaceuticals Limited and its Subsidiaries

 

Consolidated Statement of Profit or Loss and Other Comprehensive Income (Unaudited)

For the Period July - September 2021

 







Taka '000


 



July - September

July - September


 



2021

2020


 

Net Revenue


8,469,321

6,925,930


 

Cost of Goods Sold


(4,392,976)

(3,636,389)


 










 

Gross Profit



4,076,345


3,289,541


 

Operating Expenses


(1,975,903)

(1,619,773)


 

Administrative Expenses



(244,996)


(197,326)


 

Selling, Marketing and Distribution Expenses



(1,730,907)


(1,422,447)


 

Profit from Operations



2,100,442


1,669,768


 

Finance Cost


(163,626)

(233,396)


 

Profit Before Contribution to WPPF & Welfare Funds









 


2,007,337

1,530,468


 

Contribution to WPPF & Welfare Funds


(96,092)

(73,386)


 

Profit Before Tax











1,911,245



1,457,082


 

Income Tax Expenses


(435,699)

(372,741)


 

Current Tax



(430,798)


(358,679)


 

Deferred Tax



(4,901)


(14,062)


 

Profit After Tax







 


1,475,546

1,084,341


 

Profit/(Loss) Attributable to:









 

Owners of the Company



1,465,308


1,074,478


 

Non-controlling Interest



10,238


9,863


 



1,475,546

1,084,341


 

Other Comprehensive Income-Unrealized Gain/(Loss)


8,007

1,897


 

Total Comprehensive Income




1,483,553



1,086,238


 

Total Comprehensive Income Attributable to:









 









 

Owners of the Company



1,473,315


1,076,375


 

Non-controlling Interest



10,238


9,863


 




1,483,553


1,086,238


 










 










 

Earnings Per Share (EPS)/Restated EPS


3.28

2.41


 

Number of Shares

Nos.

446,112,089

446,112,089


 

 

 

 

 

Beximco Pharmaceuticals Limited and its Subsidiaries

 

Consolidated Statement of Changes in Equity (Unaudited)

 

For the Period July - September 2021

 

As at September 30, 2021










Taka '000

















Share

Share

Excess of

Capital

Revaluation

Unrealized

Retained

Equity

Non-

Total




Capital

Premium

Issue

Reserve on

Surplus

Gain/(Loss)

Earnings

attributable

Controlling

Equity






Price over

Merger




to the

Interests







Face Value





Owners








of GDRs





of the













Company
















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














Total Comprehensive Income:


























Profit for the Period



-

-

-

-

-

-

1,465,308

1,465,308

10,238

1,475,546













Other Comprehensive Income/(Loss)


-

-

-

-

-

8,007

-

8,007

-

8,007














Adjustment for Depreciation on Revalued Assets

-

-

-

-

(1,590)

-

1,590

-

-

-













Adjustment for Deferred Tax on Revalued Assets

-

-

-

-

358

-

-

358

-

358













Balance as on September 30, 2021


4,461,121

5,269,475

1,689,637

294,951

1,120,593

21,774

25,646,681

38,504,232

344,545

38,848,777












Number of Shares










446,112,089



Net Asset Value (NAV) Per Share








Tk.

86.31














As at September 30, 2020



























Share

Share

Excess of

Capital

Revaluation

Unrealized

Retained

Equity

Non-

Total




Capital

Premium

Issue

Reserve on

Surplus

Gain/(Loss)

Earnings

attributable

Controlling

Equity






Price over

Merger




to the

Interests







Face Value





Owners








of GDRs





of the













Company
















Balance as on July 01, 2020



4,055,564

5,269,475

1,689,637

294,951

1,125,768

926

20,058,800

32,495,121

302,329

32,797,450














Total Comprehensive Income:


























Profit for the Period



-

-

-

-

-

-

1,074,478

1,074,478

9,863

1,084,341













Other Comprehensive Income/(Loss)


-

-

-

-

-

1,897

-

1,897

-

1,897














Adjustment for Depreciation on Revalued Assets

-

-

-

-

(1,795)

-

1,795

-

-

-













Adjustment for Deferred Tax on Revalued Assets

-

-

-

-

449

-

-

449

-

449













Balance as on September 30, 2020


4,055,564

5,269,475

1,689,637

294,951

1,124,422

2,823

21,135,073

33,571,945

312,192

33,884,137














Number of Shares










405,556,445



Net Asset Value (NAV) Per Share








Tk.

82.78
















 

 

 

 

Beximco Pharmaceuticals Limited and its Subsidiaries

 

Consolidated Statement of Cash Flows (Unaudited)

 

For the Period July - September 2021

 






Taka '000


July - September,

July - September,


2021

2020

Cash Flows from Operating Activities :














Receipts from Customers and Others


8,863,397



7,233,844

Payments to Suppliers and Employees


(6,475,987)



(5,609,810)

Cash Generated from Operations


2,387,410



1,624,034

Interest Paid

(164,459)

(233,396)

Interest Received

401

576

Income Tax Paid

(235,142)

(175,700)

Net Cash Generated from Operating Activities


1,988,210


1,215,514

Cash Flows from Investing Activities :














Acquisition of Property, Plant and Equipment


(819,779)



(561,419)

Intangible Assets


(880)



(4,311)

Advance for Sanofi Acquisition


(4,766,636)



-

Disposal of Property, Plant and Equipment


12,251



21,171

Net Cash Used in Investing Activities


(5,575,044)



(544,559)

Cash Flows from Financing Activities :











Net Increase /(Decrease) in Long Term Borrowings


3,770,738



(401,687)

Net Increase/(Decrease) in Short Term Borrowings


(251,542)



(516,458)

Dividend Paid


(64,481)



(376)

Net Cash (Used in ) / from Financing Activities


3,454,715



(918,521)

Increase/(Decrease) in Cash and Cash Equivalents

(132,119)

(247,566)

Cash and Cash Equivalents at Beginning of Period

675,467

635,016

Effect of Exchange Rate Changes on Cash and Cash Equivalents

1,913

-

Cash and Cash Equivalents at End of Period


545,261



387,450

Number of Shares

446,112,089

405,556,445

Net Operating Cash Flows Per Share

4.46

3.00

 

 

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