Square Pharma's half-yearly profit crosses Tk1,000cr
The drugmaker’s revenue also grew by 11% to Tk3,226 crore in the first half of the current fiscal year
The biannual profit of the country's leading drugmaker Square Pharmaceuticals Limited exceeds Tk1,000 crore for the first time with a double-digit growth whereas other drug manufacturers struggle to gain amid inflation and the energy crisis.
In the July-December period of the fiscal year 2022-23, the company's net profit stood at Tk1,062.64 crore, which is 10% higher than the previous year's corresponding period. Its earnings per share stood at Tk11.99 during the period.
Square Pharma's revenue also grew by 11% to Tk3,226 crore in the first half of the current fiscal year.
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A senior official of the company, wishing to remain anonymous, told The Business Standard that Square Pharma's costs have also increased due to inflation and the energy crisis but the company made a good profit mainly due to good exports of its products.
In the October-December quarter, its revenue grew by 14% to Tk1,618 crore and profit rose by 10% to Tk512 crore.
Since December, the company's share price remains stuck on the floor price at Tk209.80 on the Dhaka Stock Exchange (DSE).
Meanwhile, Square Group's concern Square Textiles Ltd's profit dropped by 61% to Tk18 crore in the October-December quarter of FY2023.
Square Textiles' costs increased by 8%, mainly due to the strong US dollar but the sales did not increase accordingly. Therefore, the company mentioned in its report that the profit has decreased.
During the quarter, Square Textiles' revenue shrunk by 1.21% to Tk406.75 crore. In the first half of FY2023, its total revenue stood at Tk801 crore and its profit at Tk55 crore.
