RNS Number : 6078J
Beximco Pharmaceuticals Ltd
28 April 2022
 

 

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.

 

 

28 April 2022

 

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 2022.

 

Financial highlights

 

Nine months ended 31 March 2022 (consolidated)

 

·   Net revenue increased 19.1% to Bangladesh Taka ("BDT") 25,928.5m / £229.1m (2020-21: BDT 21,762.4m / [£186.8.0m])

·   Profit after tax increased 13.7% to BDT 4,201.2m / £37.1m (2020-21: BDT 3,695.3m / £31.7m)

 

Third quarter ended 31 March 2022 (consolidated)

 

·   Net revenue increased 21.7% to BDT 8,959.6m / £79.2m (2020-21: BDT 7,362.3m / £63.2m)

·   Profit after tax decreased 27.2% to BDT 1,069.3 m / £9.4m (2020-21: BDT 1,468.9m / £12.6m) due to non-recurring vaccine income in Q3 2021

 

Additionally, the Company announces that, under its agreement with the Government of Bangladesh and the Serum Institute of India Private Limited, Beximco Pharma has now delivered a total of 15 million Covid-19 vaccine doses. There are 15 million doses remaining under the agreement. The Company expects any further doses to be delivered in the next financial year.

 

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

 

"We are pleased with our continued strong financial position at the end of the third quarter, with double-digit growth YoY for the nine-month period in both revenue and profit after tax. This has been underpinned by positive operational developments such as the receipt of sublicenses to produce generic versions of molnupiravir and Paxlovid from the United Nations-backed Medicines Patent Pool and the ongoing integration of Sanofi Bangladesh, which has now been renamed Synovia Pharma PLC. We look forward to continuing this positive momentum into the final quarter as we continue to execute on our mission to provide patients with affordable, high-quality medicines."

 

The detailed accounts can be viewed in the Company's website www.beximcopharma.com

 

(Exchange rates of £1 = Taka 113.19 for 31 March 2022 numbers and £1 = Taka 116.51 for 31 March 2021 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

 

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 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, 2022

 

 

 

 

 

 

Taka '000

 

 

 

 

 

 

 

 

March 31, 2022

 

 

June 30, 2021

ASSETS

 

 

 

 

 

Non-Current Assets

 

47,300,513

 

38,475,238

Property, Plant and Equipment- Carrying Value

 

 

41,546,339

 

36,211,376

Right-of-use Assets

 

 

491,586

 

319,885

Intangible Assets

 

 

4,507,775

 

1,380,694

Deferred Tax Asset

 

 

52,975

 

-

Goodwill

 

 

674,571

 

546,691

Other Investments

 

 

27,267

 

16,592

Current Assets

 

17,852,167

 

13,770,846

Inventories

 

 

9,862,206

 

7,142,863

Spares & Supplies

 

 

762,079

 

661,723

Accounts Receivable

 

 

4,132,539

 

2,873,845

Loans, Advances and Deposits

 

 

2,339,980

 

2,416,948

Advance Income Tax

 

 

166,319

 

-

Cash and Cash Equivalents

 

 

589,044

 

675,467

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL ASSETS

 

65,152,680

 

52,246,084

SHAREHOLDERS' EQUITY AND LIABILITIES

 

 

 

 

 

 

 

 

 

 

Equity Attributable to the Owners of the Company

 

39,761,370

 

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

 

 

1,118,129

 

1,121,825

Unrealized Gain/(Loss)

 

 

24,443

 

13,767

Retained Earnings

 

 

26,903,614

 

24,179,783

Non-Controlling Interest

 

4,080,755

 

334,307

TOTAL EQUITY

 

43,842,125

 

37,364,866

Non-Current Liabilities

 

8,841,975

 

5,531,540

Long Term Borrowings-Net of Current Maturity

 

 

3,712,933

 

1,206,717

Liability for Gratuity and WPPF & Welfare Funds

 

 

2,886,640

 

2,335,257

Deferred Tax Liability

 

 

2,242,402

 

1,989,566

Current Liabilities and Provisions

 

12,468,580

 

9,349,678

Short Term Borrowings

 

 

6,100,556

 

5,023,181

Long Term Borrowings-Current Maturity

 

 

2,016,830

 

1,401,406

Creditors and Other Payables

 

 

2,919,327

 

1,965,048

Accrued Expenses

 

 

837,160

 

619,399

Dividend Payable / Unclaimed Dividend

 

 

99,823

 

118,138

Income Tax Payable

 

 

494,884

 

222,506

 

 

 

 

 

 

TOTAL EQUITY AND LIABILITIES

 

65,152,680

 

52,246,084

 

 

 

 

 

 

               

 

 

 

Beximco Pharmaceuticals Limited and its Subsidiaries

 

Consolidated Statement of Profit or Loss and Other Comprehensive Income (Un-audited)

For the Period July 2021 -March 2022

 

 

 

 

 

 

 

 

 

 

 

 

Taka '000

 

 

July 2021-

 

 

July 2020-

 

 

January-

 

 

January-

 

 

March 2022

 

 

March 2021

 

 

March 2022

 

 

March 2021

Net Revenue

 

25,928,465

21,762,492

8,959,561

7,362,303

Cost of Goods Sold

 

(13,709,232)

(11,488,046)

(4,909,975)

(3,919,447)

 

 

 

 

 

 

 

 

 

 

 

 

Gross Profit

 

12,219,233

10,274,446

4,049,586

3,442,856

Operating Expenses

 

(6,499,068)

(5,074,824)

(2,263,642)

(1,710,102)

Administrative Expenses

 

(888,247)

 

(624,769)

 

(314,408)

 

(221,137)

Selling, Marketing and Distribution Expenses

 

(5,610,821)

 

(4,450,055)

 

(1,949,234)

 

(1,488,965)

Profit from Operations

 

5,720,165

 

5,199,622

 

1,785,944

 

1,732,754

Other Income

 

974,419

658,780

172,447

488,867

Finance Cost

 

(709,894)

(667,381)

(277,537)

(164,526)

Profit Before Contribution to WPPF & Welfare Funds

 

 

 

 

 

 

 

 

 

 

 

 

5,984,690

5,191,021

1,680,854

2,057,095

Contribution to WPPF & Welfare Funds

 

(300,555)

(250,375)

(84,745)

(98,460)

 

 

 

 

 

 

 

 

 

 

 

 

Profit Before Tax

 

5,684,135

4,940,646

1,596,109

1,958,635

Income Tax Expenses

 

(1,482,958)

(1,245,355)

(526,803)

(489,643)

Current Tax

 

(1,244,950)

 

(1,190,941)

 

(247,863)

 

(463,289)

Deferred Tax

 

(238,008)

 

(54,414)

 

(278,940)

 

(26,354)

Profit After Tax

 

 

 

 

 

 

 

 

 

4,201,177

3,695,291

1,069,306

1,468,992

Profit/(Loss) Attributable to:

 

 

 

 

 

 

 

 

 

 

 

Owners of the Company

 

4,280,454

 

3,670,643

 

1,102,438

 

1,461,959

Non-controlling interest

 

(79,277)

 

24,648

 

(33,132)

 

7,033

 

 

4,201,177

3,695,291

1,069,306

1,468,992

Other Comprehensive Income-Unrealized Gain/(Loss)

 

10,676

10,776

789

3,273

Total Comprehensive Income

 

4,211,853

 

 

3,706,067

 

 

1,070,095

 

 

1,472,265

Total Comprehensive Income Attributable to:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Owners of the Company

 

4,291,130

 

3,681,419

 

1,103,227

 

1,465,232

Non-controlling interest

 

(79,277)

 

24,648

 

(33,132)

 

7,033

 

 

4,211,853

 

3,706,067

 

1,070,095

 

1,472,265

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings Per Share (EPS)/Restated EPS

 

9.60

8.23

2.47

3.28

Number of Shares Used to Compute EPS

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 2021 -March 2022

 

As at March 31, 2022

 

 

 

 

 

 

 

 

 

 

 

Taka' 000

 

 

Share

Share

Excess of

Capital

Revaluation

Unrealized

Retained

 

 

Equity

Non-

Total

 

 

Capital

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

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

 

 

 

 

 

 

 

 

 

 

 

 

 

Number of Shares

 

 

 

 

 

 

 

 

446,112,089

 

 

Net Asset Value (NAV) Per Share

 

 

 

 

 

 

 

Tk.

89.13

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As at March 31, 2021

 

 

 

 

 

 

 

 

 

 

 

Taka' 000

 

 

Share

Share

Excess of

Capital

Revaluation

Unrealized

Retained

 

 

Equity

Non-

Total

 

 

Capital

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/(Loss) for the Period

 

-

-

-

-

-

-

3,670,643

 

 

3,670,643

24,648

3,695,291

 

 

 

 

 

 

 

 

 

 

 

 

 

Other Comprehensive Income/(Loss)

-

-

-

-

-

10,776

-

 

 

10,776

-

10,776

 

 

 

 

 

 

 

 

 

 

 

 

 

Transactions with the Shareholders:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash Dividend

 

 

-

-

-

-

-

(608,335)

 

 

(608,335)

(6,078)

(614,413)

Stock Dividend

 

405,557

-

-

-

-

-

(405,557)

 

 

-

-

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjustment for Depreciation on Revalued Assets

 

-

-

-

(5,385)

-

5,385

 

 

 

-

-

Adjustment for Deferred Tax on Revalued Assets

 

-

-

-

1,346

-

-

 

 

1,346

-

1,346

 

 

 

 

 

 

 

 

 

 

 

 

 

4,461,121

5,269,475

1,689,637

294,951

1,121,729

11,702

22,720,936

 

 

35,569,551

320,899

35,890,450

 

 

 

 

 

 

 

 

 

 

 

 

 

Number of Shares

 

 

 

 

 

 

 

 

446,112,089

 

 

Net Asset Value (NAV) Per Share

 

 

 

 

 

 

 

Tk.

79.73

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beximco Pharmaceuticals Limited and its Subsidiaries

 

Consolidated Statement of Cash Flows (Un-audited)

 

For the Period July 2021 -March 2022

 

 

 

 

 

 

 

 

Taka '000

 

 

 

 

 

 

 

 

 

 

July 2021-

 

July 2020-

 

 

March 2022

 

March 2021

Cash Flows from Operating Activities :

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Receipts from Customers and Others

 

26,197,399

 

 

 

23,003,861

Payments to Suppliers and Employees

 

(20,550,726)

 

 

 

(17,426,836)

Cash Generated from Operations

 

5,646,673

 

 

 

5,577,025

Interest Paid

 

(710,512)

(667,752)

Interest Received

 

2,345

1,844

Income Tax Paid

 

(975,253)

(874,544)

Net Cash Generated from Operating Activities

 

3,963,253

 

4,036,573

Cash Flows from Investing Activities :

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Acquisition of Property, Plant and Equipment

 

(1,829,104)

 

 

(1,579,680)

Intangible Assets

 

(8,391)

 

 

(8,819)

Investment in Subsidiary

 

(4,766,636)

 

 

-

Disposal of Property, Plant and Equipment

 

17,580

 

 

27,089

Dividend Received

 

2,015

 

 

857

Net Cash Used in Investing Activities

 

 

 

 

 

 

 

 

(6,584,536)

(1,560,553)

Cash Flows from Financing Activities :

 

 

 

 

 

 

 

Net Increase /(Decrease) in Long Term Borrowings

 

3,084,250

 

(932,338)

Net Increase/(Decrease) in Short Term Borrowings

 

757,682

 

(1,231,836)

Dividend Paid

 

(1,611,308)

 

(578,177)

Net Cash (Used in ) / from Financing Activities

 

2,230,624

 

(2,742,351)

Increase/(Decrease) in Cash and Cash Equivalents

 

(390,659)

(266,331)

Cash and Cash Equivalents at Beginning of Period*

 

973,964

635,017

Effect of exchange rate changes on Cash and Cash Equivalents

5,739

-

Cash and Cash Equivalents at End of Period

 

589,044

 

 

368,686

Number of Shares

 

446,112,089

446,112,089

Net Operating Cash Flows Per Share

8.88

9.05

                 

 

* Includes cash of Synovia Pharma PLC at the date of acquisition.

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