Navana Pharma’s profit grows 16% in Jul-Dec

Navana Pharmaceuticals – the manufacturer of human and animal drugs – has reported a 16% growth in the first half of the current fiscal year.

From July to December of the 2022-23 fiscal, its net profit increased to Tk14.35 crore, up from Tk12.38 crore in the same time of the previous fiscal year, as per the company financials.

On Tuesday, its board of directors approved the financials of the first half of 2022-23. Navana Pharmaceuticals' share price increased by 4.65% or Tk3.7 to Tk83.20 each on the Dhaka Stock Exchange (DSE) on that day.

After raising Tk75 crore from the stock market, Navana Pharmaceuticals got listed on the stock exchanges last year and its share trading debut was on 18 October.

According to its financials, in the second quarter, October-December, its net profit after tax increased to Tk7.09 crore, a 13.62% growth over the same time of the previous fiscal year.

Jounul Abedin, company secretary of Navana Pharmaceuticals, told The Business Standard, "Amid the economic challenges, the company has maintained an upward trend in both sales and profit. Along with the business competition with other companies, the company has recently faced hikes in utility cost, and to cope with this, the company has been trying to minimise other costs."

Navana Pharma was incorporated in Bangladesh on 31 March 1986. It operates its business in the veterinary and human health sectors.

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.