How Beximco firms fared in FY24

The three Beximco Group companies listed on the Dhaka and Chittagong stock exchanges reported mixed performance for the fiscal year 2023-24.

Beximco Pharmaceuticals achieved a 29% profit growth, Bangladesh Export Import Company (Beximco) recorded a loss, and Shinepukur Ceramics experienced a 61% drop in profit, according to their financial statements released on the bourses yesterday.

Beximco Pharma

Beximco Pharmaceutical reported a 29% increase in its consolidated profit, reaching Tk586.67 crore in FY24, which was Tk452.44 crore in FY23.

The drug maker recommended a 40% cash dividend for its shareholders, compared to a 35% cash dividend paid for FY23.

The pharma company said double-digit sales growth, lower finance costs, and Synovia Pharma's transition to profit from the previous year's loss, coupled with a reduced effective tax rate for the subsidiary companies, helped increase profit.

The annual general meeting (AGM) is scheduled for 29 December and the record date is set for 25 November.

Beximco Ltd

Beximco Limited incurred a loss of Tk36.40 crore in FY24 while in FY23, it made a profit of Tk710 crore.

Its loss per share stood at Tk0.41 in FY24, while its earnings per share (EPS) was Tk7.92 in FY23.

Following the loss, it recommended a 5% stock dividend for its shareholders for FY24. It had paid a 10% cash dividend to its shareholders last fiscal.

The company said it incurred losses due to declining export orders and local demand due to the dollar crisis, the Russia-Ukraine war, and the price hike of gas and electricity.

Its AGM is scheduled for 30 December, with the record date set for 25 November.

Shinepukur Ceramics

Shinepukur Ceramics reported a 61% decline in its earnings per share (EPS) for FY24. Its EPS stood at Tk0.16 in FY24, which is lower than Tk0.41 in FY23.

The company recommended a 2% cash dividend only for its general shareholders except sponsor-directors.