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Square Pharmaceuticals Limited, the country’s largest drug maker, witnessed a 12.58 per cent year-on-year surge in export receipts in the fiscal year 2021–22, thanks to policy support, and incorporation of tech-savvy machinery to produce quality drugs.
Besides, the inclusion of anti-Covid drugs to the export basket also played a key role to ramp up its export earnings.
The export receipts of the publicly traded company stood at Tk 170 crore in the last fiscal against Tk 151 crore in the previous year.
“We have incorporated modern technologies including machine learning, artificial intelligence, and biotechnology to fortify or foothold both in domestic and global markets,” the company mentioned in its latest annual report.
Besides this, time-bound policy support is a must to let the country’s drug makers compete in the global market, its annual financial report read.
Square Pharma’s medicines were now available at pharma stores in over 45 countries, according to the drug maker, while it was now trying to grab more slices in the global market.
The local pharmaceutical company already achieved approval for two ANDAs, while applications were filed to obtain approval for two other ANDAs.
Square was now working on the submission of other ANDAs to the USFDA for approval soon.
It was also working on getting approval for several other products to grab the US market.
The company’s consolidated revenue from operations surged by 13.81 per cent to Tk 6,641 crore in FY22 from Tk 5,835 crore in the previous year.
Moreover, its net profit grew by 13.98 per cent to Tk 1,818 crore in the last fiscal year from Tk 1,595 crore in the previous year.
Its earnings per share (EPS) stood at Tk 20.51 at the end of fiscal 2021–22 from Tk 17.99 in the previous fiscal.
Tapan Chowdhury, managing director of Square Pharma dedicated this success to its employees who were working hard even in tough times like the coronavirus pandemic and Russia- Ukraine war.
The ongoing global economic turbulence created many challenges including currency crises, oil price hikes, and food crises, consequently causing a rise in production costs for drug makers, he added.
The board of directors of Square Pharma recommended a 100 per cent cash dividend for the year ended on June 2022, the highest in the company’s history.
The final approval regarding the dividend payout is expected to come from its annual general meeting (AGM) scheduled to be held on December 24.
The company reported a consolidated net asset value (NAV) per share of Tk 116.7 and a consolidated net operating cash flow per share (NOCFPS) of Tk 14.52 for FY22 against Tk 102.54 and Tk 12.38 respectively in the previous year.
In fiscal 2020-21, the pharma company disbursed a 60 per cent cash dividend to its shareholders.
Square Pharma is the biggest drug manufacturer in Bangladesh with a market share of 17.2 per cent in the country’s $3.2 billion worth of pharmaceuticals market.
The drug maker put a hefty investment of Tk 1,050 crore in BMRE (balancing, modernisation, rehabilitation, and expansion) to materialise the procurement, setting up new machinery, and land purchase for further expansion in four years.
A top official at Square Pharma told The Business Post, “Investment is a part of our regular operations and expansion plan. We allocate a substantial slice of our profit for the investment plan because old machinery needs to be upgraded while new equipment is also needed for further advancement.”
Meanwhile, the drug maker posted substantial growth in its business, riding on the unveiling of new drugs as well as its strong marketing strategy.
Listed in 1995, the company’s shares closed at Tk 209.8 per share on the trading floor of the Dhaka Stock Exchange (DSE) on Thursday.
With an authorised capital of Tk 1000 crore, the drug maker has a paid-up capital base of Tk 886 crore, while its total number of securities stands at 685.95 million. The company’s retained earnings stood at Tk 8,117 crore in 2021-2022.
