Square Pharma’s Q1 profit grows 9.10pc

Square Pharmaceuticals, a leading drug maker in the country, has reported a 9.10 per cent year-on-year profit growth to Tk 6.0 billion in the July-September quarter this year, owing to higher sales.

The drug maker reported a consolidated profit of Tk 5.5 billion in the same quarter of the year before.

Accordingly, the earnings per share stood at Tk 6.77, up from Tk 6.20 in the same quarter in the previous year, according to its unaudited financial statements published on Tuesday.

The company’s net sales grew 15 per cent year-on-year to Tk 18.46 billion in July-September this year.

The company managed to continue its profit growth while some other drug makers have experienced a decline in their profits due to a surge in raw material costs and foreign exchange losses.

The company’s persistent financial strength, distinct strategic approach and the dedicated efforts of the employees played an important role in sustaining the profit growth even in the face of adverse impacts.

Square Pharma’s consolidated annual profit also rose 4.45 per cent to Tk 18.98 billion in FY23.

Based on the profit growth, its board recommended the highest-ever cash dividend of 105 per cent for FY23.

The share price of Square Pharmaceuticals rose 0.43 per cent to close at Tk 210.80 on Tuesday on the Dhaka Stock Exchange (DSE).

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