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 / £ 228.2m (2021-2022: BDT 25,928.5m / £229.1m)

·      Profit after tax decreased 15.1% to BDT 3,565.8m / £ 27.8m (2021-2022: BDT 4,201.2m / £37.1m)

 

Third quarter ended 31 March 2023

 (consolidated)

 

·      Net revenue increased 6.6% to BDT 9,554.2m / £ 74.6m (2021-2022: BDT 8,959.6m / £79.2m)

·      Profit after tax decreased 15.1% to BDT 907.7m / £ 7.1m (2021-2022: BDT 1,069.3 m / £9.4m)

 

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 £1 = Taka 128.09 for 31 March 2023 numbers and £1 = 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









March 31,2023


 

June 30, 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











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 2023



March 2022



March 2023



March 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 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

 


 

As at March 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, 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

Net Cash Used in Investing Activities









(1,785,688)

(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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