October 21, 2022 (MLN): AGP Limited, a leading pharmaceutical manufacturing company has witnessed a slight decline in its net profits for the period of nine months that ended on September 30, 2021, to Rs1.12 billion (EPS: Rs3.73) from Rs1.16bn profits (EPS: Rs3.93) earned in 9MCY21, the company filing on PSX showed today.
The top-line of the company increased by 76% YoY to Rs10.46bn compared to Rs5.94bn in the corresponding period last year. However, the increase in the cost of sales remained proportionately higher than the revenue which led the company’s gross margin to witness a drop of 3.7% YoY to stand at around 50%.
During the period, the company’s administrative and other expenses surged by 24% YoY and 73% YoY while marketing expenditures ballooned by 2x YoY to stand at Rs2.55bn in 9MCY22.
In addition, the finance costs of the company reached Rs369mn in 9MCY22 from Rs123mn in 9MCY21.
On the tax front, the company paid Rs616mn in the period under review compared to Rs260.32mn paid in the same period last year.
“Taxation includes super tax amounting to Rs209mn. Ignoring the impact of super tax, profit attributable to equity holders of the parent company for the period ended September 30, 2022, and earnings per share would have been Rs1.23bn and 4.42 per share respectively,” said the financial statement of the company.
Going forwards, AGP is looking to achieve sustainable growth by utilizing the company's own resources and focusing on synergies and integration of the acquired business.
The company is making efforts to capitalize on its existing product pipeline, strengthen its portfolio by introducing new products and entering new therapeutic classes, penetrate deeper at the domestic level and mark its presence in international markets.
To pursue the company’s aggressive growth strategy, the management is focusing on infrastructure development and capacity enhancement in manufacturing facilities and capability building of our human capital.
The management is confident that these growth drivers, will translate and further uplift the performance of the company in the foreseeable future.
Copyright Mettis Link News
Posted on:2022-10-21T09:50:55+05:00
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