Square Pharma overtakes BAT Bangladesh to rank second in market cap
GP leads the market capitalisation list with a valuation of Tk42,710cr, making up 12% of the DSE’s total market cap
Square Pharmaceuticals, the country's leading drug manufacturer, has overtaken BAT Bangladesh to secure the second position in the Dhaka Stock Exchange's (DSE) market capitalisation ranking.
According to a market review by EBL Securities, Square Pharma's market capitalisation stood at Tk19,129 crore, contributing 5.4% to the total DSE market cap. BAT Bangladesh, now in third place, recorded a market cap of Tk18,673 crore, representing 5.2% of the total.
Market insiders attributed BAT Bangladesh's decline to an 8% drop in its share price over the last week, which dragged down its market cap. In contrast, Square Pharma's share price remained relatively stable, enabling it to rise in the rankings.
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Additionally, Square Pharma's directors supported the company's stock by buying back 70 lakh shares worth approximately Tk150 crore during the market downturn. This action helped stabilise the company's share price amidst broader market volatility.
As of Tuesday, Square Pharma shares closed at Tk215.80, while BAT Bangladesh shares ended at Tk345.80. A week earlier, BAT Bangladesh shares were priced at Tk377.50, and Square Pharma shares traded at Tk208.
Grameenphone continues to dominate the market capitalisation list with a valuation of Tk42,710 crore, accounting for 12% of the DSE's total market cap. Walton and Robi secured the fourth and fifth positions, respectively.
Meanwhile, Square Pharmaceuticals sees revenue decline for the first time in the first quarter of FY25.
As per its unaudited financial statement for the July-September quarter, Square Pharma reported Tk1,774 crore, a slight drop from Tk1,781 crore in the same quarter the previous year.
However, riding on the investments and associate companies' income, Square Pharma managed to post a 1.54% increase in profit to Tk609 crore during the quarter.
BAT Bangladesh earned Tk30,843 crore from the sale of cigarettes in the first nine months of 2024.
The company's net revenue stood at Tk6,937 crore after paying government tax, according to its financial statement.
Its net profit was Tk1,322 crore during the nine months, which was Tk1,355 crore at the same time last year.
In the July-September quarter, BAT Bangladesh earned Tk8,503 crore in revenue, and its net revenue was Tk2,051 crore.
During the quarter, its net profit slightly fell to Tk397 crore.
