RNS Number : 4121S
Beximco Pharmaceuticals Ltd
06 November 2023
 

6 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

 

Financial Results for the First Quarter Ended 30 September 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 unaudited results for the three-month period ended 30 September 2023. The information set out below has been released to the Dhaka and Chittagong Stock Exchanges in compliance with the requirements from the Bangladesh SEC.

 

Beximco Pharma Managing Director Nazmul Hassan MP commented:

"Amidst challenges, we delivered strong growth in revenue in this first quarter. The ongoing macro-economic headwinds, especially the devaluation of currency and high inflationary pressures, weigh on our bottom line and somewhat overshadow our accomplishment. That said, we remain confident in the strength of the business and our strategy as we continue to focus on growth through the delivery of high-quality, affordable medicines to patients."

 

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 2 586/11001, 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 (Un-audited)

As at September 30, 2023

 




Taka '000


September 30, 2023

 

June 30, 2023

ASSETS




Non-Current Assets

48,409,531

 

48,280,929

Property, Plant and Equipment- Carrying Value

42,356,471


42,245,615

Right-of-use Assets

538,197


562,224

Intangible Assets

4,766,816


4,721,035

Deferred Tax Asset

52,504


56,512

Goodwill

674,570


674,570

Other Investments

20,973


20,973

 

Current Assets

20,942,045

 

20,875,854

Inventories

11,958,465


12,133,278

Spares & Supplies

888,249


819,740

Accounts Receivable

3,671,221


3,574,655

Loans, Advances and Deposits

3,049,766


2,984,877

Advance Income Tax

230,467


227,618

Short Term Investment

200,000


-

Cash and Cash Equivalents

943,877


1,135,686

TOTAL ASSETS

69,351,576

 

69,156,783

 




SHAREHOLDERS' EQUITY AND LIABILITIES




Equity Attributable to the Owners of the Company

45,233,894

 

43,680,704

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

1,140,210


1,141,178

Unrealized Gain/(Loss)

18,148


18,148

Retained Earnings

32,360,352


30,806,194

Non-Controlling Interest

3,953,454

 

3,938,962

TOTAL EQUITY

49,187,348

 

47,619,666

Non-Current Liabilities

8,383,552

 

8,272,093

Long Term Borrowings-Net of Current Maturity

2,306,715


2,550,833

Liability for Gratuity, Pension and WPPF & Welfare Funds

3,535,080


3,170,764

Deferred Tax Liability

2,541,757


2,550,496

 

Current Liabilities and Provisions

11,780,676

 

13,265,024

Short Term Borrowings

4,732,715


6,621,170

Long Term Borrowings-Current Maturity

1,468,445


1,439,895

Creditors and Other Payables

3,706,475


3,531,707

Accrued Expenses

1,032,588


1,129,700

Dividend Payable / Unclaimed Dividend

88,235


88,465

Income Tax Payable

752,218


454,087

TOTAL EQUITY AND LIABILITIES

69,351,576

 

69,156,783

 

 

 

Beximco Pharmaceuticals Limited and its Subsidiaries

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

For the Period July - September 2023

 

 

 


Taka '000

 

July -September

2023

 

July -September

2022

 

 

 

 

Net Revenue

11,159,367

 

9,787,202

Cost of Goods Sold

(6,251,512)


(5,351,036)

Gross Profit

4,907,855

 

4,436,166

 

 

 

 

Operating Expenses

(2,598,458)

 

(2,313,283)

Administrative Expenses

(304,684)


(274,747)

Selling, Marketing and Distribution Expenses

(2,293,774)


(2,038,536)

Profit from Operations

2,309,397

 

2,122,883

Other Income

144,875


168,042

Finance Cost

(297,754)


(310,973)

Profit Before Contribution to WPPF & Welfare Funds

2,156,518

 

1,979,952

Contribution to WPPF & Welfare Funds

(103,572)


(98,210)

Profit Before Tax

2,052,946

 

1,881,742

Income Tax Expenses

(485,545)

 

(469,029)

Current Tax

(489,995)


(393,848)

Deferred Tax

4,450


(75,181)

Profit After Tax

1,567,401

 

1,412,713

Profit/(Loss) Attributable to:




Owners of the Company

1,552,909


1,447,027

Non-Controlling Interest

14,492


(34,314)


1,567,401

 

1,412,713

Other Comprehensive Income/(Loss)

-


(3,340)

Total Comprehensive Income

 

Total Comprehensive Income Attributable to:

 

 

 

Owners of the Company

1,552,909


1,443,687

Non-Controlling Interest

14,492


(34,314)


1,567,401

 

1,409,373

Earnings Per Share (EPS)

Tk.

3.48

 

3.24

Number of Shares

Nos.

446,112,089

 

446,112,089

 

 

 

Beximco Pharmaceuticals Limited and its Subsidiaries

Consolidated Statement of Changes in Equity (Un-audited)

For the Period July - September 2023

 

 

As at September 30, 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, 2023

4,461,121

5,269,475

1,689,637

294,951

1,141,178

18,148

30,806,194

43,680,704

3,938,962

47,619,666

Total Comprehensive Income:


Profit/(Loss) for the Period

-

-

-

-

-

-

1,552,909

1,552,909

14,492

1,567,401

Other Comprehensive Income/(Loss)

-

-

-

-

-

-

-

-

-

-


Adjustment for Depreciation on Revalued Assets

-

-

-

-

(1,249)

-

1,249

-

-

-

Adjustment for Deferred Tax on Revalued Assets

-

-

-

-

281

-

-

281

-

281

Balance as on September 30, 2023

4,461,121

5,269,475

1,689,637

294,951

1,140,210

18,148

32,360,352

45,233,894

3,953,454

49,187,348

Net Asset Value (NAV) Per Share





Tk.

101.40



 

 

 

As at September 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, 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

-

-

-

-

-

-

1,447,027

1,447,027

(34,314)

1,412,713

Other Comprehensive Income/(Loss)

-

-

-

-

-

(3,340)

-

(3,340)

-

(3,340)


Adjustment for Depreciation on Revalued Assets

-

-

-

-

(1,409)

-

1,409

-

-

-

Adjustment for Deferred Tax on Revalued Assets

-

-

-

-

317

-

-

317

-

317

Balance as on September 30, 2022

4,461,121

5,269,475

1,689,637

294,951

1,115,804

17,192

29,196,322

42,044,502

4,001,193

46,045,695

Net Asset Value (NAV) Per Share

 

 

 

 

 

 

Tk.

 

94.25

 

 

 

 

 

Beximco Pharmaceuticals Limited and its Subsidiaries

Consolidated Statement of Cash Flows (Un-audited)

For the Period July - September 2023

 

 

 

 

Taka '000

 

July -September 2023

 

July -September 2022

Cash Flows from Operating Activities:




Receipts from Customers and Others

11,197,080


9,853,354

Payments to Suppliers and Employees

(7,998,606)


(8,584,421)

Cash Generated from Operations

3,198,474

 

1,268,933

Interest Paid

(295,410)


(310,322)

Interest Received

-


1,310

Income Tax Paid

(194,713)


(275,443)

Net Cash Generated from Operating Activities

2,708,351

 

684,478

Cash Flows from Investing Activities:




Acquisition of Property, Plant and Equipment

(513,160)


(636,985)

Intangible Assets

(97,638)


(45,431)

Disposal of Property, Plant and Equipment

3,488


20

Disposal of Intangible Assets

-


52,125

Short Term Investment

(200,000)


-

Net Cash Used in Investing Activities

(807,310)

 

(630,271)

Cash Flows from Financing Activities:




Net Increase /(Decrease) in Long Term Borrowings

(211,318)


(619,541)

Net Increase/(Decrease) in Short Term Borrowings

(1,888,455)


256,464

Dividend Paid

(231)


(295)

Net Cash (Used in) / from Financing Activities

(2,100,004)

 

(363,372)

Increase/(Decrease) in Cash and Cash Equivalents

(198,963)

 

(309,165)

Cash and Cash Equivalents at Beginning of Period

1,135,686


1,168,674

Effect of Exchange Rate Changes on Cash and Cash Equivalents

7,154


13,144

Cash and Cash Equivalents at End of Period

943,877


872,653

 

 


 

Number of Shares

446,112,089


446,112,089

Net Operating Cash Flows Per Share

6.07

 

1.53

 

 

 

 

 

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