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TUESDAY, MAY 13, 2025
Reckitt makes a turnaround

Economy

Ahsan Habib
07 August, 2019, 12:50 pm
Last modified: 07 August, 2019, 12:58 pm

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Reckitt makes a turnaround

UK-based firm’s profit grows 92pc in January-June period

Ahsan Habib
07 August, 2019, 12:50 pm
Last modified: 07 August, 2019, 12:58 pm
Reckitt makes a turnaround

Reckitt Benckiser (BD) Limited, a subsidiary of a British multinational consumer goods company, posted a 92.46 percent year-on-year profit growth for the first half of the current year.

The toiletries giant made the profit thanks to more value addition through manufacturing popular Dettol products in its own facilities and opting out of minor items such as Disprin – a loss-making pain-relieving tablet, according to its officials.

“Sales growth along with an enhanced profit margin has added to the earnings,” said Nazmul Arefin, secretary to the company listed with both the country’s bourses – Dhaka Stock Exchange and Chittagong Stock Exchange.

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Between the months of January and June, the total sales of the company were Tk216 crore, which is up from Tk187 crore for the same period of the previous year.

In the first half of its current accounting year, the company managed to increase its profit margin in each phase to gain the earnings.

The company’s gross profit, which is calculated after deducting the costs of making and selling its products, rose to Tk123 crore, up from Tk100 crore in the previous year’s first half.

In the six months to June, the company posted a Tk17.61 crore net profit - an earning after deducting taxes, which was Tk9.15 crore during the same period of the previous year.

Its earnings per share (EPS), which are calculated as the net income divided by the available shares of the company, was Tk37.28, up from Tk19.37 during the same period a year ago.

Reckitt spent 43 percent of its revenue as the costs of goods sold, which was over 46 percent for the same time last year.

The company stopped the production of Disprin tablets in mid-2018 and Mortein mosquito coils in 2016.

It then started producing Dettol items that include soap, hand wash and cream, in its own factory and made a turnaround. The company used to manufacture Dettol soaps in Haque Group’s factory under the toll manufacturing agreement.

Reckitt thus reduced its administrative expenses alongside the costs of production.

It has also achieved a good growth in sales of Harpic, a toilet cleaner, as it is a popular brand.

At the end of June 30, the net asset value (NAV) per share was Tk48.90, which stood at Tk81.63 at the end of December last year.

In the April-June quarter, the company made a net profit of Tk10.30 crore, with EPS at Tk21.82. During the period in the previous year, the net profit was Tk5.68 crore with EPS at Tk12.03.

Nazmul Arefin, secretary of the company, said most of their products are now manufactured in their own factory, reducing the cost of business.

“We have stopped our business in Disprin and Mortein as those had incurred losses to the company,” he said. “The company has now turned around, benefitting share holders.”

Reckitt’s shares were traded at Tk2,522 at the DSE at the closing on Sunday. During the last nine working days, the share price rose by Tk226 or 9.85 percent.

The company gave 700 percent cash dividend to the shareholders for 2018 accounting year that ended on December 31. At the time, its EPS was Tk70.22, which was Tk80.63 in 2017.

The authorised capital of the company that got listed in share market in 1987 was Tk25 crore and the paid up capital was Tk4.73 crore.

Its reserve was Tk34.49 crore and total shares were 47.25 lakh, of which 82.96 percent were held by its parent company Reckitt Benckiser plc.

Of the rest shares, 3.77 percent are held by the government in Bangladesh, 4.23 percent by institutional investors, 3.01 percent by foreign investors and 6.03 percent by general investors.

Trade

Reckitt

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