Square Hospitals earns Tk533cr in FY23

The prevalence of diseases, especially dengue, has contributed to Square Hospital posting over a 6% increase in revenue for fiscal 2022-23 compared to the previous year.

Square Hospitals is an associate of Square Pharmaceuticals Limited, which is listed on the country's stock exchanges.

According to its financial statement, Square Hospitals earned Tk533 crore in the last fiscal year, compared to Tk502 crore in FY22. The net profit also saw a 12% year-on-year increase, reaching Tk37 crore in the outgoing fiscal year.

Furthermore, Square Pharma recorded an 18% higher profit of Tk5.79 crore in the July-September quarter this year compared to the same period in the previous year.

Muhammad Zahangir Alam, chief financial officer at Square Pharma, noted that the upswing in dengue cases significantly contributed to this substantial revenue growth, emphasising the increased consumer confidence in their service quality.

This year, dengue, a mosquito-borne disease, raised the number of fatalities in Bangladesh to 1,549.

A total of 4,949 dengue patients, including 1,227 in the capital, were now receiving treatment at hospitals across the country till 19 November, according to the Directorate General of Health Services (DGHS).

So far, the DGHS has recorded more than three lakh dengue cases, and 2.94 lakh of them have recovered this year.

September has so far been the deadliest month for the dengue outbreak this year, with 396 fatalities and 79,598 cases, according to DGHS data.

Square Hospital, with 400 beds, is a leading contributor to private healthcare services in Bangladesh.

The outpatient department (OPD) of the hospital can serve up to 2,500 patients daily. The inpatient department (IPD) of the hospital can serve up to 500 patients at a time.

Square Pharma owned 49.94% of the hospital's shares. It invested Tk21 crore in the hospital to acquire 1.99 lakh shares of Tk1,000 each with a premium of Tk55.07.

Meanwhile, the dengue outbreak in Bangladesh has proven to be a significant catalyst for Square Pharma, propelling a notable surge in revenue during the initial quarter of the current fiscal year.

In the period from July to September, the company achieved an impressive 15% year-on-year increase in revenue, fuelled by heightened demand for its products.

The overall revenue of the company surged by 14.88% to Tk2,161 crore, surpassing the Tk1,881 crore recorded in the corresponding period of the previous fiscal year.

The pharma company also reported a robust 9% growth in profits, totalling Tk600 crore compared to Tk550 crore in the same period of the preceding fiscal year.