SK representative holds the position of Chairman of the Board of Directors of Imexpharm

Mr. Sung Min Woo, Vice President of SK Inc., was assigned to take on the position of new Chairman of the Board of Directors of Imexpharm. As of the second quarter of 2024, SK and related parties hold 64.8% of Imexpharm's capital.

Mr. Sung Min Woo, Vice President of SK Inc., was assigned to take on the position of new Chairman of the Board of Directors of Imexpharm. As of the second quarter of 2024, SK and related parties hold 64.8% of Imexpharm's capital.

Imexpharm Pharmaceutical Joint Stock Company (Imexpharm, code IMP - HoSE floor) announced the Board of Directors' Resolution on dismissal and election of the Chairman of the Board of Directors.

Accordingly, the Board of Directors dismissed Ms. Chun Chaerhan from the position of Chairman of the Board of Directors upon her resignation. At the same time, the company elected Mr. Sung Min Woo, a non-executive member of the Board of Directors, to hold the position of Chairman for the 2023-2027 term.

Mr. Sung Min Woo was born in 1978, Korean nationality. Mr. Sung Min Woo is currently Vice President of SK Inc (a subsidiary of SK Group), Head of SK Office in Ho Chi Minh City. As of the second quarter of 2024, SK and related parties hold 64.8% of Imexpharm's capital.

Meanwhile, Ms. Chaerhan has been the Non-Executive Chairman of the Board of Directors of Imexpharm since April 2023. She has also been the Chairwoman of the Nomination and Remuneration Committee of the Board of Directors since February 23, 2024. In addition, Ms. Chaerhan is the Executive Director of SK Investment Vina III Pte. Ltd, Singapore, one of the leading companies in Korea and the largest shareholder of Imexpharm with 99.8 million shares held, equivalent to approximately 64.8% of charter capital.

At the recent written general meeting of shareholders, shareholders approved the implementation of the Cat Khanh Pharmaceutical Factory Complex project - Imexpharm Pharmaceutical Joint Stock Company with a scale of 25,000 m2 in Dong Thap, with an expected design capacity of 1.4 billion product units with EU-GMP standards. This project is invested by Imexpharm with a total investment of VND 1,495 billion, of which 80% is loan capital (VND 1,195 billion). The expected construction start date is in the third quarter of 2025, construction completion by the end of 2028 and operation from December 2028 to the first quarter of 2030. The project's goal is to diversify the product portfolio, increase revenue and profit for the company and meet the goal of expanding the export market.

In the third quarter of 2024, the company recorded net revenue of VND544 billion, up 17% year-on-year. ETC channel revenue in the third quarter increased by 47% year-on-year. This growth rate is higher than the industry's 11% increase in the first half of 2024 (latest updated data at present). However, the cost of goods sold increased sharply by 24%, so gross profit only increased by 15% to VND208 billion.

Profit before tax and EBITDA (an index reflecting earnings before interest, taxes, depreciation and amortization) in the third quarter of 2024 increased by 5% and 3% respectively compared to the same period last year. In the first 9 months of 2024, profit before tax and EBITDA reached VND 252 billion and VND 334 billion, down 12% and 4% compared to the same period last year (compared to a decrease of 19% and 7% in the first 6 months of the year).

In the first 9 months, Imexpharm's revenue increased by 12%, reaching 1,553 billion VND. However, due to high cost of goods sold and operating expenses, the pharmaceutical company's after-tax profit in the first 9 months decreased by 12% compared to the same period, reaching more than 200 billion VND.

Imexpharm stock price increased rapidly in 2024 despite a significant correction last October.

As of September 30, 2024, Imexpharm's total assets were recorded at more than VND 2,580 billion, an increase of 8% compared to the beginning of the year. Of which, short-term assets increased by 21.5% to nearly VND 1,466 billion. Short-term receivables increased by nearly 42% to VND 420 billion. Imexpharm's total liabilities (all short-term debts) were at VND 431 billion, an increase of 40% compared to the beginning of the year. Of which, outstanding short-term loans were more than double the number at the beginning of the year to VND 104 billion.

On the stock market, IMP stock price closed on October 31, 2024 at VND 45,000/share, an increase of 76% compared to the end of last year.

Source: https://baodautu.vn/dai-dien-sk-giu-vi-tri-chu-tich-hoi-dong-quan-tri-imexpharm-d228926.html