Beximco Pharma posts Tk 586 crore profit in FY24

Beximco Pharmaceuticals Ltd, one of Bangladesh's leading pharmaceutical exporters, reported a profit of Tk 586.67 crore for the fiscal year ended on June 30, 2024.

This was a 29 percent year-on-year profit increase for the listed drug manufacturer.

The company's record performance prompted the board to recommend a 40 percent cash dividend, the highest payout in eight years.

The profit growth helped Beximco Pharma's shares soar 4.72 percent to Tk 73.2 at the Dhaka Stock Exchange as of 11: 58 am today. 

The company's consolidated earnings per share (EPS) jumped to Tk 13.07, up from Tk 10.34 in FY23, according to Beximco's audited financial statements. 

Beximco credited the "double-digit sales growth, lower finance costs, and Synovia Pharma's transition to profitability" for the strong performance, adding that a reduced effective tax rate for Synovia also bolstered earnings.

Synovia Pharma, formerly Sanofi Bangladesh Ltd, was acquired by Beximco Pharma in 2021. 

Beximco's consolidated net operating cash flow per share rose to Tk 18.75, which it attributed to heightened sales volume, lower finance costs, and favourable shifts in working capital. 

Founded in 1976, Beximco Pharma has evolved from importing products for local distribution to a global generic pharmaceutical leader. 

Beximco Pharma now exports to over 50 countries, including the US and Europe, as per its website.