Company profile

JMI Syringes net profit growth moderates

Mohammad Mufazzal | Published: January 06, 2019 10:28:48 | Updated: January 08, 2019 13:03:38

JMI Syringes & Medical Devices has witnessed a moderate growth in turnover and net profit, among others, for the year ended on June 30, 2018 compared to the same period of the previous fiscal year.

For the fiscal year (FY) 2017-18, the company reported gross turnover of above Tk 1.57 billion (157 crore), 5.52 per cent higher than the gross turnover of the previous FY.

Following the company's efforts towards improving quality system, the company's earnings per share (EPS) and net asset value (NAV) also rose for the FY 2017-18.

"Like previous year, the company has been able to maintain the position only due to hard and sincere work of the workers, employees, professionals," said Md. Jabed Iqbal Pathan, chairman of JMI Syringes, in his message in the annual report for FY 2017-18.

The company's existing paid-up capital is Tk 110 million.

The NIPRO Corporation of Japan has shown 'keen' interest in subscribing for a substantial amount of shares in the JMI Syringes & Medical Devices.

The proposal of Japan is supposed to be implemented in line with the approval of the shareholders, the Bangladesh Securities and Exchange Commission (BSEC) and all other relevant regulatory bodies.

In that case, the paid-up capital of JMI Syringes & Medical Devices will increase.

The NIPRO Corporation is willing to subscribe for 11.10 million ordinary shares, according to a disclosure posted on the website of the Dhaka Stock Exchange (DSE).

The issue price of the shares will be fixed by the shareholders in the 9th EGM scheduled for February 16.

According to the annual report, the operating profit of JMI Syringes & Medical Devices stood above Tk 261.54 million for the FY 2017-18 against over Tk 257.02 million calculated for the previous FY.

For the FY 2017-18, the company's net profit rose 1.26 per cent to close above Tk 75.49 million from over Tk 74.55 million in the previous FY.

The earnings per share (EPS) stood at Tk 6.86 for the FY 2017-18 against Tk 6.78 for the previous FY.

The company's net asset value (NAV) per share rose 5.37 per cent to close at Tk 71.27 for the year ended on June 30, 2018 compared to the same period of the previous year.

The company's NAV per share was Tk 67.64 for the FY 2016-17.

The net operating cash flow per share (NOCFPS) was Tk. 13.64 for the year ended on June 30, 2018 against Tk. 12.68 for the same period of the previous fiscal year.

The company's dividend payout has almost remained static after its listing with the stock exchanges.

The company's board of directors declared 30 per cent cash dividend for the year ended on June 30, 2018.

The company disbursed 20 per cent cash dividend in 2014, 35 per cent cash dividend in 2016, and 30 per cent cash dividend in 2017, according to the Dhaka Stock Exchange (DSE).

According to an un-audited statement, the company's EPS was Tk. 1.00 for the July-September period of 2018 against Tk. 0.78 for July-September 2017.

JMI Syringes & Medical Devices, presently an 'A' category company, was listed with the stock exchanges in 2013.

The company's sponsor-directors hold 49.31 per cent shares, institutes 14.63 per cent, foreign shareholders 11.82 per cent and general shareholders 24.24 per cent as of November 30, 2018.

The company's share price closed at Tk 311.20 on Thursday with a rise of 3.93 per cent or Tk 11.60 on the premier bourse DSE.


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