Square Pharmas logged Tk 1,898cr profit in FY23

Square Pharmaceuticals registered a 4.53 percent year-on-year growth in profit to Tk 1,898 crore in the fiscal year ending on June 30 last year.

The Bangladeshi multinational pharmaceutical company made a Tk 1,815 crore profit in the previous fiscal year, according to its annual report.

This led to a consolidated earnings per share of Tk 21.41 in fiscal year 2022-23 whereas it was Tk 20.48 a year ago.

The consolidated net asset value per share rose to Tk 113.39 from Tk 104.92 while the net operating cash flow per share fell to Tk 9.17 from Tk 13.93.

According to the annual report, the company's consolidated net revenue was Tk 6,274.7 crore in the fiscal year of 2022-23, which was 8.9 per percent higher than that in the previous year.

Square Pharmaceuticals is the parent company of a group of four entities. The three subsidiaries in the group are Square Lifesciences, Square Pharmaceuticals Kenya EPZ and Samson Pharma Inc, Philippines.

Zahangir Alam, chief financial officer of Square Pharmaceuticals, said this company's product basket was huge, and it was operating business in the country for a long time, for which it had widespread acceptability among doctors.

Due to its reputation, the company's marketing costs is almost half compared to others. On the other hand, Square Pharmaceuticals has no financing costs as it had a very minimum amount of loans.

As a result, the company was able to log a profit growth. It could have been greater if its inter-company profit, especially from Square Textile, had been higher, he added.

The company and its subsidiaries are engaged in the pharmaceuticals industry covering cross-border markets across the globe.

The company's associate entities are primarily engaged in various sectors such as yarn manufacturing, knitting, dyeing, manufacturing of garments, hospitals, diagnostic and pathological laboratories.