Indies Pharma Jamaica Limited reported on Friday last (December 13) an unaudited after-tax profit of $22.2 million for its fourth quarter which ended on October 31, 2019, despite a 41 per cent decrease compared to the corresponding period last year.

Co-founder and Executive Director Vishnu Muppuri, in reporting to the stockholders, indicated that revenues for the quarter under review had also decreased by 20 per cent to $150 million.

Despite the fourth-quarter’s performance, Muppuri stated that the company remains debt-free, which shows that it is in a good position for future growth.

“Liabilities increased by 14 per cent or $9 million when compared to the equivalent period in 2018 due to set-up costs for the new facility in Freeport, Montego Bay, however the company’s liquidity position remains very healthy with a current ratio of 8.54:1 — meaning that the company has $8.54 of current assets for every $1 of current liabilities,” she stated.

Net profit for the 12 months ended October 31, 2019 amounted to $140.46 million, a 17 per cent or $20.76 million increase when compared with the corresponding period in the previous year, while revenues were up 14 per cent to $725.9 million over the corresponding period in 2018.

Administrative and other expenses increased by 56 per cent or $133.5 million compared to the same period in the prior year. According to Muppuri, rent and lease expenses increased by $38.3 million and goods valuing approximately $46 million expired during the 12-month period ending October 2019.

The Indies Pharma stock price closed at $3.16 on October 31, 2019, while earnings per share for the 12-month period increased to $0.11 cents per share and reflects a 17 per cent increase in shareholders’ equity over the corresponding period in 2018.

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, government agencies including the National Health Fund, as well as through medical practitioners and directly to individual end-users.