RNS Number : 1745O
Beximco Pharmaceuticals Ltd
30 January 2023
 

30 January 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

Half Year Results 2022-23

 

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 six months ended 31 December 2022.

Financial highlights

Half year financial highlights

·      Net sales increased 16.0% to Bangladesh Taka ("BDT") 19,678.7m / £ 164.4m (2021-22: BDT 16,968.9m/ £146.7m)

Domestic sales increased 17.1% to BDT 18,370.9m / £153.4m (2021-22: BDT 15,692.9m / £135.6m)

Export sales increased 2.5% to BDT 1,307.8m / £10.9m (2021-22: BDT 1,276.0m / £11.0m)

·      Profit after tax decreased 15.1% to BDT 2,658.1m / £22.2m (2021-22: BDT 3,131.9m / £27.1m)

Second quarter financial highlights

·      Net sales increased 16.4% to BDT 9,891.5m / £82.6m (2021-22: BDT 8,499.6m / £73.5m)

·      Profit after tax decreased 24.8% to BDT 1,245.4m / £10.4m (2021-22: BDT 1,656.3m / £14.3m)

Operational highlights

·      Domestic market

Launched seven new products (eleven presentation forms and strengths), including Mulina (Lefamulin), an anti-infective drug for the first time in Bangladesh

Continued progress in the integration of Synovia Pharma

Continued successful product transfer to the new facility [Unit III]

Won the Prestigious National Export Trophy (Gold) 2018-19 for the sixth time

·      International market

Received a total of twelve new registrations of Seven generics (eight presentations) in seven countries including Oman, Maldives, Singapore, South Africa, Namibia and Ethiopia

Received US FDA approval for Antimigraine drug, Eletriptan tablets and Anticholinergic drug Oxybutynin tablets

·    Won Global Generics & Biosimilars Awards 2022 in the category of "Acquisition of the year" for the acquisition of Sanofi Bangladesh (now Synovia Pharma)

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

"We are pleased to report the financial and operational progress made over the first half of the year. While we have continued to see macroeconomic headwinds impact our bottom line, another period of double-digit revenue growth is testament to the underlying progress of the business. We have launched seven new products in Bangladesh and received a further 12 new registrations internationally. We remain focused on our commitment to delivering high-quality, affordable medicines and look forward to continuing our progress into the second half of the year."

 

The half yearly accounts can be viewed at the Company's website: www.beximcopharma.com

 

(Exchange rates of £1 = Taka 119.7199 for 31 December 2022 numbers and £1 = 115.7099 for 31 December 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

 

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 December 31, 2022




Taka '000


December 31,2022


June 30, 2022

ASSETS




Non-Current Assets

48,039,654

 

47,728,777

Property, Plant and Equipment- Carrying Value

42,251,678


41,760,331

Right-of-use Assets

578,532


618,891

Intangible Assets

4,441,261


4,562,988

Deferred Tax Asset

72,640


88,640

Goodwill

674,570


674,570

Other Investments

20,973


23,357

Current Assets

21,274,834

 

18,419,258

Inventories

12,593,144


10,405,295

Spares & Supplies

848,902


718,797

Accounts Receivable

3,298,564


3,142,817

Loans, Advances and Deposits

3,064,451


2,787,040

Advance Income Tax

223,244


196,635

Cash and Cash Equivalents

1,246,529


1,168,674





TOTAL ASSETS

69,314,488

 

66,148,035


 

 

 

SHAREHOLDERS' EQUITY AND LIABILITIES

 

 

 

Equity Attributable to the Owners of the Company

41,721,387

 

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

1,114,713


1,116,896

Unrealized Gain/(Loss)

18,148


20,532

Retained Earnings

28,873,342


27,747,886


 

 


 

 

Non-Controlling Interest

4,002,622

 

4,035,507

TOTAL EQUITY

45,724,009

 

44,636,005

Non-Current Liabilities

9,164,606

 

8,776,099

Long Term Borrowings-Net of Current Maturity

3,229,933


3,454,189

Liability for Gratuity and WPPF & Welfare Funds

3,254,032


2,785,072

Deferred Tax Liability

2,680,641


2,536,838

 




Current Liabilities and Provisions

14,425,873

 

12,735,931

Short Term Borrowings

6,897,523


6,850,550

Long Term Borrowings-Current Maturity

1,376,604


2,065,962

Creditors and Other Payables

3,282,345


2,465,039

Accrued Expenses

900,695


1,166,882

Dividend Payable / Unclaimed Dividend

1,655,618


88,049

Income Tax Payable

313,088


99,449





TOTAL EQUITY AND LIABILITIES

69,314,488

 

66,148,035

 

 

 

Beximco Pharmaceuticals Limited and its Subsidiaries

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

For the Period July-December 2022

 









Taka '000



July -December 2022

 

July -December

2021

 

October - December 2022

 

October - December

2021

Net Revenue


19,678,740

 

16,968,904

 

9,891,538

 

8,499,583

Cost of Goods Sold


(10,813,129)


(8,799,257)


(5,450,604)


(4,406,281)

Gross Profit

 

8,865,611

 

8,169,647

 

4,440,934

 

4,093,302

Operating Expenses

 

(4,780,986)

 

(4,235,426)

 

(2,468,047)

 

(2,259,523)

Administrative Expenses


(625,342)


(573,839)


(339,792)


(328,843)

Selling, Marketing and Distribution Expenses


(4,155,644)


(3,661,587)


(2,128,255)


(1,930,680)

Profit from Operations

 

4,084,625

 

3,934,221

 

1,972,887

 

1,833,779

Other Income


278,517


801,972


99,330


731,451

Finance Cost


(644,487)


(432,357)


(333,514)


(268,731)

Profit Before Contribution to WPPF & Welfare Funds

3,718,655

 

4,303,836

 

1,738,703

 

2,296,499

Contribution to WPPF & Welfare Funds


(181,296)


(215,810)


(83,086)


(119,718)

Profit Before Tax

 

3,537,359

 

4,088,026

 

1,655,617

 

2,176,781

Income Tax Expenses

 

(879,266)

 

(956,155)

 

(410,237)

 

(520,456)

Current Tax


(718,829)


(997,087)


(324,981)


(566,289)

Deferred Tax


(160,437)


40,932


(85,256)


45,833

Profit After Tax

 

2,658,093

 

3,131,871

 

1,245,380

 

1,656,325

Profit/(Loss) Attributable to:

 

 

 

 

 

 

 

 

Owners of the Company


2,684,031


3,178,016


1,237,004


1,712,708

Non-controlling Interest


(25,938)


(46,145)


8,376


(56,383)



2,658,093

 

3,131,871

 

1,245,380

 

1,656,325

Other Comprehensive Income/(Loss)

(2,384)


9,887


956


1,880

Total Comprehensive Income

 

2,655,709

 

3,141,758

 

1,246,336

 

1,658,205

 









Total Comprehensive Income Attributable to:









Owners of the Company


2,681,647


3,187,903


1,237,960


1,714,588

Non-controlling Interest


(25,938)


(46,145)


8,376


(56,383)



2,655,709

 

3,141,758

 

1,246,336

 

1,658,205










Earnings Per Share (EPS)


 

6.02


 

7.12


 

2.77


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 (Unaudited)

For the Period July-December 2022

 

As at December 31, 2022









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

-

-

-

-

-

-

2,684,031

2,684,031

(25,938)

2,658,093

 

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

-

-

-

-

(2,817)

-

2,817

-

-

-

Adjustment for Deferred Tax on Revalued Assets

-

-

-

-

634

-

-

634

-

634

Balance as on December 31, 2022

4,461,121

5,269,475

1,689,637

294,951

1,114,713

18,148

28,873,342

41,721,387

4,002,622

45,724,009

Net Asset Value (NAV) Per Share







 

Tk.

 

93.52



 

As at December 31, 2021

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, 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

-

-

-

-

-

-

3,178,016

3,178,016

(46,145)

3,131,871

Other Comprehensive Income/(Loss)

-

-

-

-

-

9,887

-

9,887

-

9,887

Transactions with the Shareholders:

Cash Dividend







(1,561,392)

(1,561,392)

(6,947)

(1,568,339)

Adjustment for Depreciation on Revalued Assets

-

-

-

-

(3,179)

-

3,179

-

-

-

Adjustment for Deferred Tax on Revalued Assets

-

-

-

-

715

-

-

715

-

715

Balance as on December 31, 2021

4,461,121

5,269,475

1,689,637

294,951

1,119,361

23,654

25,799,586

38,657,785

4,138,350

42,796,135

 

Net Asset Value (NAV) Per Share







 

Tk.

 

86.65



 

 

 

Beximco Pharmaceuticals Limited and its Subsidiaries

Consolidated Statement of Cash Flows (Unaudited)

For the Period July-December 2022

 




Taka '000

 

 

July -December 2022

 

July -December 2021

Cash Flows from Operating Activities :




Receipts from Customers and Others

19,948,007


17,567,608

Payments to Suppliers and Employees

(16,401,961)


(12,809,303)

Cash Generated from Operations

3,546,046

 

4,758,305





Interest Paid

(642,283)


(433,470)

Interest Received

4,147


1,425

Income Tax Paid

(531,799)


(658,071)

Net Cash Generated from Operating Activities

2,376,111

 

3,668,189

Cash Flows from Investing Activities :




 




Acquisition of Property, Plant and Equipment

(1,338,771)


(1,661,113)

Intangible Assets

(37,494)


(3,355)

Synovia Acquisition

-


(4,766,636)

Disposal of Property, Plant and Equipment

13,015


12,402

Disposal of Intangible Assets 

52,125


-

Net Cash Used in Investing Activities

(1,311,125)

 

(6,418,702)

Cash Flows from Financing Activities :




Net Increase /(Decrease) in Long Term Borrowings

(1,051,068)


3,622,081

Net Increase/(Decrease) in Short Term Borrowings

46,974


(596,880)

Dividend Paid

(771)


(71,505)

Net Cash (Used in ) / from Financing Activities

(1,004,865)

 

2,953,696

Increase/(Decrease) in Cash and Cash Equivalents

60,121


203,183

Cash and Cash Equivalents at Beginning of Period

1,168,674


973,965

Effect of Exchange Rate Changes on Cash and Cash Equivalents

17,734


3,553

Cash and Cash Equivalents at End of Period

1,246,529

 

1,180,701

 

Number of Shares

446,112,089

 

446,112,089

Net Operating Cash Flows Per Share

5.33

 

8.22

 

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