RNS Number : 9344R
Beximco Pharmaceuticals Ltd
01 November 2023
 

1 November 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.

 

Results for the year ended 30 June 2023

 

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 audited results for the year ended 30 June 2023.

 

Financial Highlights (consolidated)

 

·      Net sales increased 13.3% to Bangladesh Taka ("BDT") 39,266.7m / £288.6m (2021-22: BDT 34,669.2m / £309.7m). The decline in revenue when translated to British Pounds reflects the significant local currency depreciation over the period

Domestic sales increased 14.1% to BDT 36,503m/ £268.3m (2021-22: BDT 31,984.1m / £285. 8m)

Export sales increased 2.9% to BDT 2,763.2m / £20.3m (2021-22: BDT 2,685.1m / £24.0m)

·      Profit after tax decreased 9.5% to BDT 4,524.5m / £33.3m (2021-22: BDT 4,998.6m / £44.7m)

·      EPS for the year amounted to BDT 10.34 (2021-22:BDT 11.48)

·      Recommended 35% cash dividend (BDT 3.5 per share)

·      Absence of non-recurring vaccine distribution fee income in the reporting period and rising costs driven by significant depreciation of domestic currency and high inflation impacted profit despite growth in revenue

 

Operational Highlights - Continued focus on execution; enhanced portfolio for domestic and global export markets

 

·      Launched 14 new generics in 23 different presentations in Bangladesh, including Mulina (Lefamulin) an anti-infective drug for the first time

·      Completed 33 new registrations of 19 generics (23 Presentations) in 17 other countries worldwide

·      Received three product approvals from the US FDA

Eletriptan (an antimigraine drug), Oxybutynin (an anticholinergic drug), and Nebivolol (a cardiovascular drug)

·      Obtained approvals from the Therapeutic Goods Administration in Australia for three products

Bromhexine tablet (a mucolytic), Doxylamine Succinate tablet (an antihistamine), and Ibuprofen tablet (a non-steroidal anti-inflammatory drug)

·      Secured Health Canada approval for Ketorolac tablet, a drug used for pain management

·      Earned the National Export Trophy (Gold) for a record seventh time

·      Won the Global Generics & Biosimilars (GGB) Awards 2022 in the category 'Acquisition of the Year'

 

Post Period Highlights

 

·      Launched 15 new generics (22 presentations) in the domestic market in the first quarter, of which 10 were for the first time in Bangladesh

·      Won National Export Trophy (Gold) for the eighth time

·      Nominated for the Global Generics & Biosimilars Awards 2023 as finalist in the category of "Company of the year, Asia Pacific."

 

 

Beximco Pharma Managing Director Nazmul Hassan MP commented:

 

"We have once again been able to deliver significant revenue growth for the financial year, which is a testament to the underlying strength of the business. Our continued focus on operational delivery meant that, over the period, we were able to launch a range of new products, attain notable regulatory approvals in key markets and continue to deliver high-quality, affordable medicines to patients around the world. However, macroeconomic factors resulting in double digit currency depreciation and inflationary pressures across our supply chain impacted our bottom line performance. As we begin the current financial year amidst these headwinds, we continually focus on strategies to address the challenges and deliver results for our shareholders."

 

 

Exchange rates of £1 = Taka 111.93 for 2021-22 numbers and £1 = Taka 136.05 for 2022-23 numbers 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 2 586/11001, 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)

Matthew Johnson

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

As at June 30, 2023

 




Amount in Taka


June 30, 2023

 

June 30, 2022

ASSETS




Non-Current Assets

48,280,929,007

 

47,728,777,460

Property, Plant and Equipment- Carrying Value

42,245,615,338


41,593,480,364

Right-of-use Assets

562,223,398


618,891,376

Intangible Assets

4,721,034,633


4,729,838,408

Deferred Tax Asset

56,512,081


88,640,228

Goodwill

674,570,185


674,570,185

Other Investments

20,973,372


23,356,899

Current Assets

20,875,854,240

 

 

18,419,258,282

Inventories

12,133,277,975


10,405,295,079

Spares & Supplies

819,740,355


718,797,256

Accounts Receivable

3,574,654,461


3,142,817,194

Loans, Advances and Deposits

2,984,876,883


2,787,039,904

Advance Income Tax

227,618,388


196,635,028

Cash and Cash Equivalents

1,135,686,178


1,168,673,821

TOTAL ASSETS

69,156,783,247

 

66,148,035,742

 




EQUITY AND LIABILITIES




Equity Attributable to the Owners of the Company

43,680,703,738

 

40,600,497,817

Issued Share Capital

4,461,120,890


4,461,120,890

Share Premium

5,269,474,690


5,269,474,690

Excess of Issue Price over Face Value of GDRs

1,689,636,958


1,689,636,958

Capital Reserve on Merger

294,950,950


294,950,950

Revaluation Surplus

1,141,177,755


1,116,896,688

Unrealized Gain/(Loss)

18,148,196


20,531,723

Retained Earnings

30,806,194,299


27,747,885,918

Non-Controlling Interest

3,938,962,240

 

 

4,035,506,641

TOTAL EQUITY

47,619,665,978

 

44,636,004,458

Non-Current Liabilities

8,272,093,233

 

8,776,099,208

Long Term Borrowings-Net of Current Maturity

2,550,833,254


3,454,188,843

Liability for Gratuity, Pension and WPPF & Welfare Funds

3,170,764,435


2,785,072,661

Deferred Tax Liability

2,550,495,544


2,536,837,704

 

Current Liabilities and Provisions

13,265,024,036

 

 

12,735,932,076

Short Term Borrowings

6,621,170,271


6,850,550,319

Long Term Borrowings-Current Maturity

1,439,895,168


2,065,962,471

Creditors and Other Payables

3,531,707,176


2,478,930,393

Accrued Expenses

1,129,699,385


1,152,990,410

Dividend Payable / Unclaimed Dividend

88,465,109


88,049,428

Income Tax Payable

454,086,927


99,449,055

TOTAL EQUITY AND LIABILITIES

69,156,783,247

 

66,148,035,742

 

 

 

Beximco Pharmaceuticals Limited and its Subsidiaries

Consolidated Statement of Profit or Loss and Other Comprehensive Income

For the Year ended June 30, 2023

 

 

 


Amount in Taka

 

July 2022- June 2023

 

July 2021- June 2022

 

 

 

 

Net Revenue

39,266,662,237

 

34,669,172,052

Cost of Goods Sold

(21,953,290,466)


(18,848,962,107)

Gross Profit

17,313,371,771

 

15,820,209,945

 

 

 

 

Operating Expenses

(10,097,131,808)

 

(8,938,466,002)

Administrative Expenses

(1,180,124,415)


(1,136,591,808)

Selling, Marketing and Distribution Expenses

(8,917,007,393)


(7,801,874,194)

Profit from Operations

7,216,239,963

 

6,881,743,943

Other Income

452,657,744


1,166,259,166

Finance Cost

(1,285,698,253)


(1,001,835,523)

Profit Before Contribution to WPPF & Welfare Funds

6,383,199,454

 

7,046,167,586

Contribution to WPPF & Welfare Funds

(314,430,512)


(359,222,585)

Profit Before Tax

6,068,768,942

 

6,686,945,001

Income Tax Expenses

(1,544,300,452)

 

(1,688,316,804)

Current Tax

(1,468,598,852)


(1,191,180,488)

Deferred Tax Income/ (Expense)

(75,701,600)


(497,136,316)

Profit After Tax

4,524,468,490

 

4,998,628,197

Profit/(Loss) Attributable to:




Owners of the Company

4,614,066,147


5,123,136,712

Non-Controlling Interest

(89,597,657)


(124,508,515)


4,524,468,490

 

4,998,628,197

Other Comprehensive Income/(Loss)

(2,383,527)


6,764,517

Total Comprehensive Income

4,522,084,963

 

5,005,392,714

Total Comprehensive Income Attributable to:

 

 

 

Owners of the Company

4,611,682,620


5,129,901,229

Non-Controlling Interest

(89,597,657)


(124,508,515)


4,522,084,963 

 

5,005,392,714

 

Earnings Per Share (EPS)

10.34

 

11.48

 

 

 

Beximco Pharmaceuticals Limited and its Subsidiaries

Consolidated Statement of Changes in Equity

For the Year Ended June 30, 2023

 

As at June 30, 2023

 

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

4,461,120,890

5,269,474,690

1,689,636,958

294,950,950

1,116,896,688

20,531,723

27,747,885,918

40,600,497,817

4,035,506,641

44,636,004,458

Total Comprehensive Income:

Profit for the Year

-

-

-

-

-

-

4,614,066,147

4,614,066,147

(89,597,657)

4,524,468,490

Other Comprehensive Income/(Loss)

-

-

-

-

-

(2,383,527)

-

(2,383,527)

-

(2,383,527)

Transfer from deferred tax

-

-

-

-

28,647,841

-

-

28,647,841

-

28,647,841

Transactions with the Shareholders:

Cash Dividend

-

-

-

-

-

-

(1,561,392,312)

(1,561,392,312)

(6,946,744)

(1,568,339,056)

Adjustment for Depreciation on Revalued Assets

-

-

-

-

(5,634,546)

-

5,634,546

-

-

-

Adjustment for Deferred Tax on Revalued Assets

-

-

-

-

1,267,772

-

-

1,267,772

-

1,267,772

Balance as on June 30, 2023

4,461,120,890

5,269,474,690

1,689,636,958

294,950,950

1,141,177,755

18,148,196

30,806,194,299

43,680,703,738

3,938,962,240

47,619,665,978

 

Number of Shares

Net Asset Value (NAV) Per Share





 

Tk.

 

446,112,089

97.91



 

 

 

As at June 30, 2022

 

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

4,461,120,890

5,269,474,690

1,689,636,958

294,950,950

1,121,824,646

13,767,206

24,179,782,862

37,030,558,202

334,306,627

37,364,864,829

NCI at the date of acquisition-SPP

-

-

-

-

-

-

-

-

3,857,134,718

3,857,134,718

Total Comprehensive Income:

Profit for the Year

-

-

-

-

-

-

5,123,136,712

5,123,136,712

(124,508,515)

4,998,628,197

Other Comprehensive Income/(Loss)

-

-

-

-

-

6,764,517

-

6,764,517

-

6,764,517

Transactions with the Shareholders:

Cash Dividend

-

-

-

-

-

-

(1,561,392,312)

(1,561,392,312)

(31,426,189)

(1,592,818,501)

Adjustment for Depreciation on Revalued Assets

-

-

-

-

(6,358,656)

-

6,358,656

-

-

-

Adjustment for Deferred Tax on Revalued Assets

-

-

-

-

1,430,698

-

-

1,430,698

-

1,430,698

Balance as on June 30, 2022

4,461,120,890

5,269,474,690

1,689,636,958

294,950,950

1,116,896,688

20,531,723

27,747,885,918

40,600,497,817

4,035,506,641

44,636,004,458

 

Number of Shares

Net Asset Value (NAV) Per Share

 

 

 

 

 

 

Tk.

 

446,112,089

91.01

 

 

 

 

 

Beximco Pharmaceuticals Limited and its Subsidiaries

Consolidated Statement of Cash Flows

For the Year ended June 30, 2023

 

 

 

 

Amount in Taka

 

July 2022-June 2023

 

July 2021- June 2022

Cash Flows from Operating Activities:




Receipts from Customers and Others

39,440,236,428


36,145,521,249

Payments to Suppliers and Employees

(30,943,666,211)


(28,584,815,294)

Cash Generated from Operations

8,496,570,217

 

7,560,705,955

Interest Paid

(1,272,368,534)


(1,002,350,838)

Interest Received

5,529,516


3,055,358

Income Tax Paid

(1,144,944,341)


(1,347,234,025)

Net Cash Generated from Operating Activities

6,084,786,858

 

5,214,176,450

Cash Flows from Investing Activities:




Acquisition of Property, Plant and Equipment

(2,410,765,411)


(2,815,211,828)

Intangible Assets

(299,262,244)


(124,286,166)

Investment in Subsidiary

-


(4,766,635,704)

Disposal of Property, Plant and Equipment

23,353,504


24,063,832

Disposal of Intangible Assets

67,725,000


-

Dividend Received

1,931,517


2,015,444

Net Cash Used in Investing Activities

(2,617,017,634)

 

(7,680,054,422)

Cash Flows from Financing Activities:




Net Increase /(Decrease) in Long Term Borrowings

(1,763,267,386)


2,730,647,211

Net Increase/(Decrease) in Short Term Borrowings

(229,380,048)


1,507,676,748

Dividend Paid

(1,567,923,375)


(1,623,098,759)

Net Cash (Used in) / from Financing Activities

(3,560,570,809)

 

2,615,225,200

Increase/(Decrease) in Cash and Cash Equivalents

(92,801,585)

 

149,347,228

Cash and Cash Equivalents at Beginning of Year

1,168,673,821


973,963,625

Effect of Exchange Rate Changes on Cash and Cash Equivalents

59,813,942


45,362,968

Cash and Cash Equivalents at End of Year

1,135,686,178


1,168,673,821

Net Operating Cash Flows Per Share

13.64

 

11.69

 

 

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
FR FLFSDIILLVIV