Square Pharma sees rare drop in sales

Sales of Square Pharmaceuticals, the largest drug producer in Bangladesh, dropped slightly to Tk 1,774 crore in the July-September period of the current fiscal, down 0.36 percent year-on-year, amid the recent political changeover.

This is the first time the drugmaker has seen its sales fall since at least 2010, as per data on the company's website. Even during the pandemic, the company did not witness a decline in sales.

Despite the decline in sales, the drugmaker in the quarter managed to post a 1.53 percent profit year-on-year to Tk 609 crore thanks to income from its subsidiaries and investments in several securities.

In the quarter, the income of Square Pharmaceuticals from investments rose by around 35 percent to Tk 146 crore, while its profits from associated companies surged 54 percent to around Tk 57 crore, the financial report showed.

At the same time, its earnings per share stands at Tk 6.87, up from Tk 6.77 previously.

The sales dropped due to multiple factors, including the turmoil centring the July-August movement, internet shutdown, labour unrest and floods in several districts of the country.

Shares of Square Pharmaceuticals rose 0.22 percent to Tk 224.90 at the Dhaka Stock Exchange yesterday.