Square, Renata, Fortune on Forbes’ list of best companies in Asia

Three Bangladeshi companies – Square Pharmaceuticals, Renata and Fortune Shoes – have made it to the list of the top 200 publicly listed companies in the Asia-Pacific region published by Forbes Magazine based in the United States (US).

According to Forbes, the 200 listed companies are small and mid-sized, with sales of less than $1 billion. Forbes Magazine recently published its "Asia's 200 Best Under A Billion" list for 2020.

Four countries – China, India, Taiwan and Thailand – topped the Forbes list with 19 companies each, followed by Japan and South Korea. Two companies from Pakistan and one from Sri Lanka also got places on the list.

In addition, 17 companies from Hong Kong, 16 from Australia and Malaysia each, 13 from Indonesia, 6 from Singapore and Vietnam each, four from New Zealand, and three from the Philippines entered the list.

These companies have track records of exceptional corporate performance, with one Covid-19 caveat: the list is based on full-year data as of July 7 and does not fully reflect the impact from the pandemic-led downturn, according to a report published by Forbes.

The companies on this list have scored above their peers in a composite ranking that includes sales and profit growth, low debt levels and robust governance, it reads.

The criteria also ensured a geographic diversity of companies from across the region. By using metrics both quantitative and qualitative, the final list of 200 is truly a select group, it adds.

Square Pharmaceuticals, listed on the stock exchange in 1995, got a position on the Forbes list in the Chemicals and Drugs category.

The other company in this category is India's IOL Chemicals and Pharmaceuticals Limited.

Renata Limited, a Bangladeshi company that entered the capital market in 1979, got a place in the pharmaceuticals category.

A total of 10 companies have been placed in this category, including two each from Hong Kong, South Korea and India and three from China.

Fortune Shoes Limited, a 100% export-oriented company, is the only company that got a position in the footwear category.

Square Pharmaceuticals is engaged in the manufacturing and marketing of pharmaceuticals, basic chemical and animal health products. Its products include therapeutic, herbal and nutraceuticals, as well as veterinary drugs, and pesticides. The company was founded by Samson H Chowdhury in 1958.

According to Forbes, Square Pharma's annual sales are worth $512 million, with a net income of $150 million. The company has a market value of $1,716 million and has 9,234 employees.

In the 2019-20 financial year, the company made a profit of more than Tk1,264 crore. In the first quarter of the current 2020-21 fiscal year, it made a profit of over Tk393 crore.

At the end of the year, Square Pharma announced a 48% cash dividend and a 5% bonus dividend for its shareholders. Each share of the company is priced at Tk187.10 till 3 December 2020.

Meanwhile, Renata Ltd is involved in research, development and commercialisation of pharmaceutical products, offering: creams, drug injections, syrups, tablets, and capsules. It also provides medicines and vitamins for animal nutrition.

According to Forbes, this Bangladeshi company has sales of $271 million and a net income of $45 million. The company has a market value of $1,071 million. It employs 1,723 people.

The company made a profit of over Tk373 crore in the 2019-20 financial year. Renata paid 130% cash and 10% bonus dividends to shareholders.

The company posted a net profit of nearly Tk124 crore in the first quarter of the current financial year. The share price of the company is Tk1,077.10.

Fortune Shoes – a shoe manufacturer and exporter – was founded in 2010. The company sells $18 million worth of products a year, with a net income $3 million. The company has a market value of $28 million.

Fortune Shoes was listed on the stock exchange in 2016. In 2019, the company made a profit of nearly Tk22 crore. In the first quarter of the current fiscal year, the profit was nearly Tk7 crore.

At present, the price of each of the company's shares is Tk17.30. At the end of the last financial year, the company paid a 5% cash dividend to shareholders except sponsors and directors and 5% bonus dividend to all its shareholders.

Riaz Uddin Bhuiya, company secretary of Fortune Shoes, said, "We are happy that we have got a place on the list by a renowned magazine. In a very short time, we have reached a good place."

"There were many hurdles on our way forward but it [the achievement] was possible due to efficient management," he also said.