3 months ago

IBN Sina Pharma's profit up 44pc in Q3 on higher sales

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The IBN Sina Pharmaceutical Industry posted a 44 per cent year-on-year growth in profit to Tk 135 million for the January-March quarter of FY24, riding on higher sales.

The drug maker's consolidated earnings per share (EPS) stood at Tk 4.31 for the quarter, up from Tk 2.99 a year ago, according to a stock exchange filing on Sunday.

The company's sales revenue jumped 26 per cent year-on-year to Tk 2.55 billion in the third quarter while costs of sales rose 33 per cent to Tk 1.55 billion during the period.

The company managed to post a double-digit profit growth for the significant increase in sales revenue, said a company official on condition of anonymity.

"Despite higher input costs, the management of the company successfully kept the operating cost low, leading to a higher profit," he said.

The cost of sales, which includes all associated costs to produce medicines, stood at Tk 5.02 billion for the nine months through March this year, which was 60 per cent of the total sales, up slightly from 58 per cent of the sales in the same period of the previous year.

The drug manufacturer's net profit rose 20 per cent year-on-year to Tk 507 million in the nine months through March this year while sales revenue grew 26 per cent to Tk 8.38 billion.

Following the news, the stock rose 1.34 per cent to Tk 257.5 per share on Sunday although the overall market closed in the red for the fifth trading session.

The drug maker's annual profit in FY23 remained almost the same as in the previous fiscal year. Despite no profit growth, the company paid 60 per cent cash dividends for FY23, as much as for FY22.

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