Industrial conglomerate Beximco Ltd reported a Tk 36 crore loss in FY24, a massive decline from the Tk 710 crore profit recorded in the previous year, according to its financial disclosure published on Tuesday.
The company attributed this loss to plummeting orders in both domestic and international markets, coupled with external shocks like the Russia-Ukraine war and challenges such as a US dollar shortage and soaring gas and electricity bills on the home front.
However, Beximco Pharmaceuticals, the conglomerate's drug-making subsidiary, bucked the trend, posting a 30 percent year-on-year profit increase in FY24.
The company credited this growth to a strong sales growth, lower finance costs and the turnaround of Synovia Pharma, formerly Sanofi Bangladesh Limited, which transitioned from a loss-making entity to a profitable one in the past fiscal year.
In 2021, Beximco Pharmaceuticals acquired stakes in Sanofi Bangladesh for over Tk 400 crore to expand its product portfolio and diversify into new areas.
Despite the overall loss, Beximco Ltd declared a 5 percent stock dividend for its shareholders.
The company's earnings per share (EPS) stood at a negative Tk 0.41, compared to Tk 7.92 in the previous year.
Meanwhile, earnings per share of Beximco Pharmaceuticals increased to Tk 13.07 from Tk 10.34 in the previous year.
This 30 percent year-on-year rise in profit led the board of directors to declare a 40 percent cash dividend for shareholders.
The drug maker credited this strong performance to double-digit sales growth, lower finance costs, Synovia Pharma's turnaround and a reduced effective tax rate for its subsidiary companies.
