Beximco Pharmaceuticals profits jump following domestic sales growth
Beximco Pharmaceutical on Monday reported double-digit annual profit growth as revenue was boosted by improved domestic sales.
Beximco Pharmaceuticals Ltd.
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07:46 20/03/24
The Bangladeshi pharmaceutical company made a profit before tax of BDT3.95bn (£36m) for the 12 months ended 30 June, a 17% increase over the year before, as revenue jumped 29% to BDT22.82bn.
The AIM-traded company proposed a dividend of BDT1.50 per share, up 20% from last year.
The increase in turnover was driven by a 25% rise in domestic sales to BDT20.31bn, while exports were 69% higher at BDT2.50bn as the company strengthened its position in the US market.
Beximco launched 20 new products during the year, including four products for the domestic market from its subsidiary Nuvista Pharma, which it acquired in April 2018.
Managing director Nazmul Hassan said: "Our continued focus on product mix, especially our rapidly growing portfolio across cardiovascular, respiratory and diabetes, further underpinned the continuing sales growth in our domestic market, a trend which we expect to continue."
Hassan said he was confident that the business could build on its momentum and continue to build value for shareholders.
Beximco Pharmaceutical shares were up 6.87% at 42.00p at 1027 GMT.