Navana Pharma posts 54% higher profit in March quarter
Revenue grew by 23% year-on-year
Navana Pharmaceuticals – which got listed on the stock market in October last year – has reported a 54% year-on-year jump in its net profit during the January to March quarter of the 2022-23 fiscal year, thanks to an increase in sales of its expensive drugs.
Moreover, because of its stock market listing, the company got to avail a tax benefit which helped it to post higher profits.
In the January to March quarter of FY23, Navana Pharma's net profit stood at Tk10.50 crore, which was Tk6.80 crore in the same quarter of the previous fiscal.
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Also, its revenue increased by 23% to Tk150.26 crore, from Tk122.48 crore a year ago.
In the third quarter of the ongoing fiscal, the company's earnings per share stood at Tk1.09, and net asset value per share at Tk40.90.
Md Abu Hurayra, chief financial officer at Navana Pharma, said "The raw materials are very costly now. But our emphasis to increase the production of high-end drugs boosted our sales in the human health division by 60% during the quarter."
In the first nine months of FY23, the company's revenue increased to Tk423.46 crore, from Tk366.23 crore during the same period of FY22.
And, its net profit increased to Tk24.85 crore, from Tk19.18 crore a year ago.
Navana Pharma was incorporated in Bangladesh in 1986. It produces both human and animal drugs.
The veterinary division of the company manufactures and markets more than 123 high-quality medicines and feed supplements for different segments including poultry, dairy, and aqua products.
On the other hand, the human health division produces more than 277 drugs – tablets, capsules, oral liquids, ampoules, dry powder vials, powder for suspension, eye drops, creams, ointments, etc.
Navana Pharma sells these products in the domestic and international markets. It exports products to 15 countries and has around 3,000 employees.
As of 31 March 2023, the sponsors and directors jointly held 35.49% of the shares, institutions 9.06%, foreign 27.73%, and the general public held 27.72% of shares in the company.
The last trading price of each share of the company on the Dhaka Stock Exchange was Tk66.40 on Thursday.
