Square Pharma MD to buy company shares worth Tk32.55cr

Square Pharmaceuticals Managing Director Tapan Chowdhury has announced plans to purchase 15 lakh shares of the company, worth over Tk32 crore, from the secondary or block market within the next 30 days.

He made the announcement through a disclosure published on the Dhaka Stock Exchange (DSE) website on Tuesday (4 March).

According to the disclosure, Tapan will buy the shares at the prevailing market price. 

Square Pharma's share price closed at Tk216.90 each on Tuesday, putting the value of shares Tapan intends to purchase at approximately Tk32.50 crore.

As of November, Tapan Chowdhury holds 8.40 crore shares of Square Pharmaceuticals, according to the shareholding report for the month. Earlier, on 18 February, Square Pharma Director Anjan Chowdhury also announced plans to purchase 15 lakh shares.

Last year, three directors collectively purchased 70 lakh shares between January and May.

Financial performance

Square Pharmaceuticals reported a 13% year-on-year growth in net profit and a 6% increase in net revenue in the first half of the current fiscal year, ending in December 2024, according to its financial report.

During the July-December period, the pharmaceutical market leader's net revenue rose to Tk3,771.77 crore, up from Tk3,555.25 crore in the same period of the previous fiscal year. Its net profit increased to Tk1,269.64 crore from Tk1,124.59 crore.

Meanwhile, in the October-December quarter of the current fiscal, the company posted a 13% rise in revenue to Tk1,997 crore, up from Tk1,774 crore during the same period last fiscal. Its profit jumped 26% to Tk660 crore, which was Tk524.52 crore in FY24 Q2.

However, in the July-September quarter of FY25, Square Pharma reported a decline in revenue for the first time.

Founded in 1958 as a private firm, Square Pharmaceuticals went public in 1991 and is listed on both the Dhaka and Chittagong stock exchanges.