Navigating the current global macroeconomic challenges, the country’s largest drugmaker Square Pharmaceuticals posted an 8.5 per cent year-on-year surge in its net profit in the first nine months (July-March) of FY2023-24.
On Monday, the Board of Directors of Square Pharma approved the unaudited financial statement for the third quarter of FY24.
As per the statement, in the first nine months, the publicly traded company registered Tk 1,617 crore in net profit, compared to Tk 1,490 crore in the same period of FY2022-23.
Despite several macroeconomic challenges on both global and domestic fronts, the pharma company displayed a handsome profit during the period thanks to policy support and the installation of tech-savvy machinery for the production of high-quality drugs.
In the nine months of FY24, the company’s consolidated earnings per share (EPS) rose to Tk 18.24, from Tk 16.82 reported for the same period of FY23.
Meanwhile, in Q3 of FY24, Square Pharma reported net profit of Tk 471 crore. It was Tk 425 crore in the same quarter of FY23.
In Q3 of FY24, the company’s EPS was at Tk 5.55. It was Tk 4.83 in the same period of FY23.
Square Pharmaceuticals reported that its revenue grew over 12 per cent, reaching Tk 6,286 crore, in the first nine months of FY24.
On Monday, Square Textiles PLC also disclosed its unaudited financial statement, which showed that the company’s profits grew by 2.66 per cent year-on-year in the July-March period of FY24.
In this period, the yarn manufacturing and marketing company made a profit of Tk 83 crore, compared to Tk 81 crore in the same period of FY23, according to its financial statement.
Square Pharma reported an EPS of Tk 4.24 in the first nine months of FY24. It was Tk 4.13 in the same period of FY23.
Meanwhile, another leading drugmaker Renata PLC reported that its profit rose by 21.4 per cent year-on-year to Tk 72 crore in Q3 of FY24, with its EPS hitting Tk 6.33 from Tk 5.18 in the same period of FY23.
Renata's sales rose by 9 per cent year-on-year to Tk 921 crore in the three months to March this year, according to the data disclosed by the company at a board meeting held on Monday.
In the first six months of FY24, Square Pharma registered Tk 1,124.90 crore in net profit, compared to Tk 1,062.85 crore in the same period of FY23.
In those six months, the publicly traded company’s consolidated EPS rose to Tk 12.69 from Tk 11.99 in the same period of FY23.
Meanwhile, in Q2 (October-December) of FY24, Square Pharma reported a net profit of Tk 524 crore, which was a Tk 512 crore in Q2 of FY23. During Q2 of FY24, its EPS was Tk 5.92 — which was Tk 5.78 in the same quarter of FY23.
The company also reported a consolidated net asset value (NAV) per share of Tk 132.07 as of December 31, 2023.
The leading drug manufacturer consolidated a profit of more than Tk 600 crore in July-September of FY24, a 9.10 per cent increase compared to the profit registered in the same period of FY23.
Accordingly, the EPS stood at Tk 6.77. It was Tk 6.20 in the same quarter of FY23.
In FY23, Square Pharmaceuticals had reported Tk 1,897 crore in net profit. In FY2021-22, the amount was Tk 1,818 crore.
The company paid a 105 per cent cash dividend for the year that ended on June 30, 2023, which is the highest in its history.
In FY23, the publicly traded company’s consolidated EPS rose to Tk 21.41 from Tk 20.48 for FY22, according to the financial statement.
Square Pharmaceuticals witnessed a 15.06 per cent year-on-year surge in export receipts in FY23, thanks to policy support and the incorporation of tech-savvy machinery to produce quality drugs.
Square Pharma’s export market covers over 45 countries and it has undertaken all sorts of possible thrusts for increasing exports within the current capacity, which is expected to rise more in the coming years, the company mentioned in its latest annual report.
The company has also received approval for the first ANDA from the US Food and Drug Administration during this period. “A milestone achievement has been realised after obtaining regulatory approval on our manufacturing site from the National Health Surveillance Agency, Brazil. This will pave the way for entering our footsteps in Latin markets,” it said.
Listed in 1995, the company’s shares closed at Tk 208 per share on the trading floor of the Dhaka Stock Exchange on Monday.
