Beximco Pharma posts 28% profit growth in Q2
Shares of Beximco Pharmaceuticals and Shinepukur Ceramics, two concerns of the troubled Beximco Group, declined in early trade today after the interim government decided to sell shares of the profitable concerns to pay salaries of employees of 13 laid-off companies owned by the conglomerate.
The government yesterday said the Bangladesh Securities and Exchange Commission and the Financial Institutions Division would take steps to sell the shares to clear up to Tk 550 crore in dues for the employees of the shuttered factories.
Officials of the two organisations and several banks are scheduled to meet on February 2 to discuss the sale of Beximco Pharma and Shinepukur Ceramics shares.
Shinepukur Ceramics lost 5 percent to Tk 11.40 as of 10:48 am on the Dhaka Stock Exchange (DSE).
Beximco Pharma, one of the leading drug makers in Bangladesh, fell 1.44 percent to Tk 75.5 as of 11:06 am on the DSE, despite posting a 28 percent year-on-year increase in profit in the October-December quarter of 2024.
The company reported a profit of Tk 184.31 crore in the second quarter, up from Tk 144.07 crore a year ago, according to its financial statement published today.
Earnings per share rose to Tk 4.1 during the October-December quarter from Tk 3.21 in the same period of 2023.
Shares of Beximco, however, remained unchanged at Tk 110.10 as of 10:56 am on the DSE.
The company reported a loss per share of Tk 2.58 in October-December of FY25, compared to a profit of Tk 0.82 per share in the same period a year ago.
In a disclosure to the DSE, Beximco said its production was nearly halted during the period due to a lack of banking facilities.
“No banks opened any letters of credit since August 2024. Moreover, stocks of fabrics and yarns, which could not be used, had to be sold below cost price as garment factories were also shut down,” the company said.
“This resulted in the company posting a negative EPS compared to the corresponding period last year,” it added. https://www.thedailystar.net
