Indo-Bangla pharma, Paramount Textile to purchase land for expansion

Indo-Bangla Pharmaceuticals and Paramount Textile – two publicly listed companies – have decided to purchase land for business expansion.

The drugmaker, which got listed on stock exchanges in 2018, said it has registered a sales deed for 1.61 acres of land at a cost of Tk4.21 crore from its own fund.

Woven fabrics manufacturer Paramount Textile, which was listed on the capital market in 2013, will purchase 141 decimal land at Sreepur Pourashava in Gazipur at a cost of Tk2.80 crore for the purpose of production and other auxiliary activities.

Both companies published the information on stock exchanges on Thursday.

Drugmaker Indo-Bangla said it has purchased the land at Kaliakair in Gazipur.

Financials of both companies

In March this year, the Directorate General of Drug Administration (DGDA) had banned the production of Indo-Bangla Pharmaceuticals.

The DGDA later withdrew the ban in April.

In the first nine months of fiscal 2020-21, its net revenue stood at Tk59.82 crore and the net profit at Tk8.95 crore.

In fiscal 2019-20, the drugmaker posted a profit of Tk15.62 crore and paid a 2% stock dividend and 4.5% cash dividend to its shareholders.

On the other hand, in the July-March period of FY21, the revenue of Paramount Textiles stood at Tk375.24 crore and the net profit at Tk52.77 crore.

In FY20, it reported a profit of Tk67.36 crore and paid a 15% cash dividend and 5% stock dividends to its shareholders.