Indies Pharma records third quarter profit of $33.6 million

Indies Pharma records third quarter profit of $33.6 million

Observer Business Writer

Friday, September 13, 2019

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Indies Pharma Jamaica Limited reported on Tuesday (September 10), an unaudited after-tax profit of $33.6 million for its third quarter which ended on July 31, 2019. This represents an 8.5 per cent increase compared to the previous corresponding period.

Executive director (ED) Vishnu Muppuri in reporting to the stockholders, indicated that the company's liabilities decreased by 74 per cent or $187.17 million.

“Indies Pharma Jamaica Limited retired all its loans, when compared with the equivalent period in 2018; the company therefore has no debt, which indicates its good financial health and shows that it is in a good position for future growth,” she stated.

Muppuri indicated that revenues for the quarter under review increased by 45 per cent or $66.34 million when compared with the corresponding period in 2018.

She added that Indies Pharma achieved revenues of $575.8 million for the nine months ended July 31, 2019, which represents an increase of 28 per cent or $126.5 million over the corresponding period in 2018.

“Administrative and other expenses increased to $275.7 million, which represents a $94.4 million rise when compared with the same period in the prior year, mainly due to costs related to increases in business activity. significant increases were incurred for rent, lease and set-up costs for the new facility in Freeport, Montego Bay,” Muppuri stated.

According to the ED, shareholders' equity increased by 70 per cent or from $280.5 million to $680.3 million, when compared with the similar quarter in the previous year, as a result of the company's Junior Market listing on the Jamaica Stock Exchange, as well as with the increase in profit earned over the period under review.

The company paid dividends of $106.6 million in February of this year.

The Montego Bay-based Indies Pharma was incorporated in December 2003 by Dr Guna Muppuri and his wife Vishnu and sold its first third-party pharmaceutical on April 18, 2005. The company transitioned to the sale of products under the Bioprist brand in 2010, and two years later acquired Trident Pharmacy.

Currently, the company distributes more than 150 prescription and non-prescription or over the counter generic pharmaceutical products for Bioprist Holdings Limited under the Bioprist brand. Indies Pharma provides its service across the island through over 400 pharmacies, private and public hospitals, and government agencies including the National Health Fund, as well as through medical practitioners and directly to individual end-users.

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