Highlights
Half year financial highlights
- Net sales increased by 22.7% to Bangladesh Taka ("BDT") 3,642.3m / £30.5m (2010: BDT 2,968.7 m / £27.3m)
- Domestic sales increased 22.8% to BDT 3,468.8m / £29.1m (H1 2010: BDT 2,825.9m / £26.0m)
- Export sales increased 21.6% to BDT 173.5m / £1.5m (H1 2010: BDT 142.7m / £1.3m)
- Profit before tax increased by 9.6% to BDT 764.5m / £6.4m (H1 2010: BDT 697.3m / £6.4m)
- EPS increased by 7.9% to BDT 2.72 / 2.3 pence (2010: BDT 2.52 / 2.3 pence)
Second quarter highlights
- Net sales increased by 20% to BDT 1,970.6m / £16.5m (2010: BDT1,642.0m / £15.1m)
- Profit before tax increased by 21.6% to BDT 461.4m / £3.9m (2010: BDT 379.3m / £3.5m)
Operational highlights
- 10 new products registered in overseas markets
- Launched 21 new products across different therapeutic classes
- Plant and Machinery for the New MDI (Metered Dose Inhaler) facility installed and commissioned, trial production scheduled August 2011
Post-period events
- Received GMP (Good Manufacturing Practices) accreditation from Austrian regulatory authority for Oral Solid and Sterile Eye Drop Facilities
- Approval recognized throughout European Union (EU)
Nazmul Hassan MP, Managing Director of Beximco Pharmaceuticals, commented:
“I am delighted to report another strong performance from Beximco Pharmaceuticals, achieved against a backdrop of currency pressures, a challenging global environment and strong competition in the domestic market. Our recent EU GMP approval is an important step towards becoming a global player in the lucrative generic pharmaceutical market. Approval also highlights the high standards achieved by Beximco and demonstrates the importance of continued investment in facilities, products and people, to deliver long-term sustainable growth for the Company and our shareholders.”
The half yearly accounts can be viewed at the Company's website: www.beximcopharma.com (Exchange rates of £1 = Taka 108.55 for 2010 numbers and £1 = Taka 119.25 for 2011 numbers have been used in this announcement.)
For further enquiries please contact:
Beximco Pharma
Nazmul Hassan MP, Managing Director
Tel: +880 2 861 9151, Ext.2080
Md. Asad Ullah, FCS, Executive Director & Company Secretary
Tel; +880 2 8618220-1, Ext. 1140
Libertas Capital Corporate Finance
Jakob Kinde / Thilo Hoffmann
Tel: +44 (0)20 7569 9650
Financial Dynamics
Jonathan Birt / Susan Quigley
Tel: +44 (0)20 7269 7169
About Beximco Pharmaceuticals Limited
Founded in 1976 and based in Dhaka, Bangladesh, BPL manufactures and sells generic pharmaceutical formulation products, active pharmaceutical ingredients and intravenous fluids. The Company also manufactures and markets its own branded generics for almost all diseases. The Company also undertakes contract manufacturing for multinational pharmaceutical companies. The Company operates from a 20 acre site in Dhaka and currently employs over 2,400 staff.
The Company's products are sold to retail outlets, medical institutions and other pharmaceutical manufacturers in Bangladesh, in regional markets such as Sri Lanka, Nepal, Bhutan, Vietnam, Cambodia and Myanmar and in other markets overseas, principally in East Africa, Pacific Island and Central American countries and South East Asia, including Singapore and Hong Kong.
Mo Noonan
Senior Manager
Financial Dynamics
Holborn Gate, 26 Southampton Buildings
London, WC2A 1PB
D +44 (0)20 7269 7116
M +44 (0)7876 444 977
www.fd.com
