30 January
2024
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 2023-24
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 2023.
Financial highlights
Half year financial
highlights
· Net
sales increased 12.1% to Bangladesh Taka ("BDT") 22,063.6m / £
157.7m (2022-23: BDT 19,678.7m / £ 164.4m)
o Domestic sales increased 12.9% to BDT 20,733.4m / £148.2m
(2022-23: BDT 18,370.9m / £153.4m )
o Export sales increased 1.7% to BDT 1,330.2m / £9.5m (2022-23:
BDT 1,307.8m / £10.9m)
· Profit
after tax increased 13.2% to BDT 3,008.2m / £21.5m (2022-23: BDT
2,658.1.m / £22.2m)
Second quarter financial
highlights
· Net
sales increased 10.2% to BDT 10,904.2m / £77.9m (2022-23: BDT
9,891.5m / £82.6m)
· Profit
after tax increased 15.7% to BDT 1440.8m / £10.3m (2022-23: BDT
1,245.4m / £10.4m)
Operational highlights
· Launched 15 new products (22 presentations) in Bangladesh
market of which 10 are for the first time
· Completed 19 new registrations of 19 products in 7
countries
· Received two product approvals from the US FDA
o Hydroxyzine Pamoate capsule (an antihistamine drug), and
Carbidopa tablet (an antiparkinson drug)
· Obtained two product approvals from the Therapeutic Goods
Administration (TGA), Australia
o Mometasone nasal spray (a corticosteroid), and Hyoscine
Butylbromide tablet (an antispasmodic drug)
· Won
the National Export Trophy (Gold) for a record eighth
time
Ahmed Sohail Fasihur Rahman,
Chairman of Beximco Pharmaceuticals, commented:
"We are pleased with the underlying
performance of our top and bottom lines over the period despite
currency devaluation impacting the results when translated into
GBP. Operationally, we have continued to strengthen our portfolio
over the period with 15 new product launches in Bangladesh and have
received important approvals from the US FDA and the Australian
TGA. We look forward to continuing this momentum 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
139.9145 for 31 December 2023 numbers and £1 = 119.7199 for 31
December 2022 have been used in this announcement.)
For further information please visit
www.beximcopharma.com or enquire to:
Beximco Pharma
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 5700 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, 2023
|
|
|
|
Taka
'000
|
|
|
December 31,
2023
|
|
June 30,
2023
|
|
ASSETS
|
|
|
|
|
Non-Current Assets
|
48,482,883
|
|
48,280,929
|
|
Property, Plant and Equipment-
Carrying Value
|
42,380,652
|
|
42,245,615
|
|
Right-of-use Assets
|
563,598
|
|
562,224
|
|
Intangible Assets
|
4,785,070
|
|
4,721,035
|
|
Deferred Tax Asset
|
58,020
|
|
56,512
|
|
Goodwill
|
674,570
|
|
674,570
|
|
Other Investments
|
20,973
|
|
20,973
|
|
Current Assets
|
22,143,790
|
|
20,875,854
|
|
Inventories
|
12,374,309
|
|
12,133,278
|
|
Spares & Supplies
|
1,020,453
|
|
819,740
|
|
Accounts Receivable
|
3,707,317
|
|
3,574,655
|
|
Loans, Advances and
Deposits
|
3,465,539
|
|
2,984,877
|
|
Advance Income Tax
|
230,359
|
|
227,618
|
|
Short Term Investment
|
250,000
|
|
-
|
|
Cash and Cash Equivalents
|
1,095,813
|
|
1,135,686
|
|
|
|
|
|
|
TOTAL ASSETS
|
70,626,673
|
|
69,156,783
|
|
|
|
|
|
|
SHAREHOLDERS' EQUITY AND LIABILITIES
|
|
|
|
|
Equity Attributable to the Owners of the
Company
|
45,106,257
|
|
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
|
1,139,242
|
|
1,141,178
|
|
Unrealized Gain/(Loss)
|
18,148
|
|
18,148
|
|
Retained Earnings
|
32,233,683
|
|
30,806,194
|
|
|
|
|
|
|
Non-Controlling Interest
|
3,937,481
|
|
3,938,962
|
|
TOTAL EQUITY
|
49,043,738
|
|
47,619,666
|
|
Non-Current Liabilities
|
7,982,275
|
|
8,272,093
|
|
Long Term Borrowings-Net of Current
Maturity
|
1,816,284
|
|
2,550,833
|
|
Liability for Gratuity and WPPF
& Welfare Funds
|
3,644,712
|
|
3,170,764
|
|
Deferred Tax Liability
|
2,521,279
|
|
2,550,496
|
|
|
|
|
|
|
Current Liabilities and Provisions
|
13,600,660
|
|
13,265,024
|
|
Short Term Borrowings
|
4,228,692
|
|
6,621,170
|
|
Long Term Borrowings-Current
Maturity
|
1,558,911
|
|
1,439,895
|
|
Creditors and Other
Payables
|
4,375,291
|
|
3,531,707
|
|
Accrued Expenses
|
993,934
|
|
1,129,700
|
|
Dividend Payable / Unclaimed
Dividend
|
1,671,998
|
|
88,465
|
|
Income Tax Payable
|
771,834
|
|
454,087
|
|
|
|
|
|
|
TOTAL EQUITY AND LIABILITIES
|
70,626,673
|
|
69,156,783
|
Beximco Pharmaceuticals Limited and its
Subsidiaries
Consolidated Statement of Profit or Loss and Other
Comprehensive Income (Unaudited)
For the Period July-December
2023
|
|
|
|
|
|
|
|
|
Taka
'000
|
|
|
|
July - December
2023
|
|
July -
December
2022
|
|
October - December
2023
|
|
October -
December
2022
|
|
Net
Revenue
|
|
22,063,578
|
|
19,678,740
|
|
10,904,211
|
|
9,891,538
|
|
Cost of Goods Sold
|
|
(12,264,030)
|
|
(10,808,580)
|
|
(6,012,518)
|
|
(5,457,544)
|
|
Gross Profit
|
|
9,799,548
|
|
8,870,160
|
|
4,891,693
|
|
4,433,994
|
|
Operating Expenses
|
|
(5,257,356)
|
|
(4,772,768)
|
|
(2,658,898)
|
|
(2,459,485)
|
|
Administrative Expenses
|
|
(652,434)
|
|
(603,688)
|
|
(347,750)
|
|
(328,941)
|
|
Selling, Marketing and Distribution
Expenses
|
|
(4,604,922)
|
|
(4,169,080)
|
|
(2,311,148)
|
|
(2,130,544)
|
|
Profit from Operations
|
|
4,542,192
|
|
4,097,392
|
|
2,232,795
|
|
1,974,509
|
|
Other Income
|
|
131,448
|
|
265,750
|
|
(13,427)
|
|
97,708
|
|
Finance Cost
|
|
(571,702)
|
|
(644,487)
|
|
(273,948)
|
|
(333,514)
|
|
Profit Before Contribution to WPPF & Welfare
Funds
|
4,101,938
|
|
3,718,655
|
|
1,945,420
|
|
1,738,703
|
|
Contribution to WPPF & Welfare
Funds
|
|
(199,880)
|
|
(181,296)
|
|
(96,308)
|
|
(83,086)
|
|
Profit Before Tax
|
|
3,902,058
|
|
3,537,359
|
|
1,849,112
|
|
1,655,617
|
|
Income Tax Expenses
|
|
(893,889)
|
|
(879,266)
|
|
(408,344)
|
|
(410,237)
|
|
Current Tax
|
|
(924,052)
|
|
(718,829)
|
|
(434,057)
|
|
(324,981)
|
|
Deferred Tax
|
|
30,163
|
|
(160,437)
|
|
25,713
|
|
(85,256)
|
|
Profit After Tax
|
|
3,008,169
|
|
2,658,093
|
|
1,440,768
|
|
1,245,380
|
|
Profit/(Loss) Attributable to:
|
|
|
|
|
|
|
|
|
|
Owners of the Company
|
|
2,986,383
|
|
2,684,031
|
|
1,433,474
|
|
1,237,004
|
|
Non-controlling Interest
|
|
21,786
|
|
(25,938)
|
|
7,294
|
|
8,376
|
|
|
|
3,008,169
|
|
2,658,093
|
|
1,440,768
|
|
1,245,380
|
|
Other Comprehensive
Income/(Loss)
|
-
|
|
(2,384)
|
|
-
|
|
956
|
|
Total Comprehensive Income
|
|
3,008,169
|
|
2,655,709
|
|
1,440,768
|
|
1,246,336
|
|
|
|
|
|
|
|
|
|
|
|
Total Comprehensive Income Attributable to:
|
|
|
|
|
|
|
|
|
|
Owners of the Company
|
|
2,986,383
|
|
2,681,647
|
|
1,433,474
|
|
1,237,960
|
|
Non-controlling Interest
|
|
21,786
|
|
(25,938)
|
|
7,294
|
|
8,376
|
|
|
|
3,008,169
|
|
2,655,709
|
|
1,440,768
|
|
1,246,336
|
|
|
|
|
|
|
|
|
|
|
|
Earnings Per Share (EPS)
|
|
6.69
|
|
6.02
|
|
3.21
|
|
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
2023
|
As
at December 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 the 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
|
-
|
-
|
-
|
-
|
-
|
-
|
2,986,383
|
2,986,383
|
21,786
|
3,008,169
|
|
Other Comprehensive
Income/(Loss)
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|
Transactions with the Shareholders:
|
|
Cash Dividend
|
-
|
-
|
-
|
-
|
-
|
-
|
(1,561,392)
|
(1,561,392)
|
(23,267)
|
(1,584,659)
|
|
|
|
Adjustment for Depreciation on
Revalued Assets
|
-
|
-
|
-
|
-
|
(2,498)
|
-
|
2,498
|
-
|
-
|
-
|
|
Adjustment for Deferred Tax on
Revalued Assets
|
-
|
-
|
-
|
-
|
562
|
-
|
-
|
562
|
-
|
562
|
|
Balance as on December 31, 2023
|
4,461,121
|
5,269,475
|
1,689,637
|
294,951
|
1,139,242
|
18,148
|
32,233,683
|
45,106,257
|
3,937,481
|
49,043,738
|
|
Net Asset Value (NAV) Per Share
|
|
|
|
|
|
|
Tk.
|
101.11
|
|
|
|
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 the 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
|
|
|
Beximco Pharmaceuticals Limited and its
Subsidiaries
Consolidated Statement of Cash Flows
(Unaudited)
For the Period July-December
2023
|
|
|
|
Taka
'000
|
|
|
July - December
2023
|
|
July - December
2022
|
|
Cash Flows from Operating Activities :
|
|
|
|
|
Receipts from Customers and
Others
|
22,150,381
|
|
19,948,007
|
|
Payments to Suppliers and
Employees
|
(16,504,378)
|
|
(16,401,961)
|
|
Cash Generated from Operations
|
5,646,003
|
|
3,546,046
|
|
|
|
|
|
|
Interest Paid
|
(570,773)
|
|
(642,283)
|
|
Interest Received
|
1,507
|
|
4,147
|
|
Income Tax Paid
|
(609,045)
|
|
(531,799)
|
|
Net
Cash Generated from Operating Activities
|
4,467,692
|
|
2,376,111
|
|
Cash Flows from Investing Activities :
|
|
|
|
|
|
|
|
|
|
Acquisition of Property, Plant and
Equipment
|
(983,629)
|
|
(1,338,771)
|
|
Intangible Assets
|
(178,608)
|
|
(37,494)
|
|
Disposal of Property, Plant and
Equipment
|
4,947
|
|
13,015
|
|
Disposal of Intangible
Assets
|
-
|
|
52,125
|
|
Short Term Investment
|
(250,000)
|
|
-
|
|
Net
Cash Used in Investing Activities
|
(1,407,290)
|
|
(1,311,125)
|
|
Cash Flows from Financing Activities :
|
|
|
|
|
Net Increase /(Decrease) in Long
Term Borrowings
|
(714,610)
|
|
(1,051,068)
|
|
Net Increase/(Decrease) in Short
Term Borrowings
|
(2,392,478)
|
|
46,974
|
|
Dividend Paid
|
(1,127)
|
|
(771)
|
|
Net
Cash (Used in ) / from Financing Activities
|
(3,108,215)
|
|
(1,004,865)
|
|
Increase/(Decrease) in Cash and Cash
Equivalents
|
(47,813)
|
|
60,121
|
|
Cash and Cash Equivalents at
Beginning of Period
|
1,135,686
|
|
1,168,674
|
|
Effect of Exchange Rate Changes on
Cash and Cash Equivalents
|
7,940
|
|
17,734
|
|
Cash and Cash Equivalents at End of Period
|
1,095,813
|
|
1,246,529
|
|
Number of Shares
|
446,112,089
|
|
446,112,089
|
|
Net
Operating Cash Flows Per Share
|
10.01
|
|
5.33
|
