According to the business results of the third quarter and the first 9 months of 2024, Imexpharm continues to promote its leading position in the production and distribution of antibiotics, actively boost revenue on the ETC channel, and lead the Vietnamese pharmaceutical market in terms of charter capital.
Outstanding financial results
Imexpharm's net revenue in the third quarter of 2024 reached VND545 billion, up 17% year-on-year. This result comes from maximizing its leading position in the ETC channel when revenue on this channel in the third quarter increased by 47% year-on-year.
Imexpharm's report also assessed that the OTC channel began to recover with third-quarter revenue increasing by 8% compared to the same period last year. Total sales revenue through the pharmacy chain in the first 9 months of 2024 increased by 158% compared to the same period last year.
Profit before tax and Ebitda in Q3/2024 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 VND252 billion and VND334 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). Revenue in September 2024 at IMP4 was double that of August and triple that of September 2023.
Ebitda margin increased to 22% at the end of the third quarter thanks to strong revenue growth, coupled with increased production at IMP4 and effective control of Selling & General Administration Expenses, which increased by only 2.8% year-on-year.
Featured business activities
In the first 9 months of 2024, the output of the High-Tech Factory - IMP4 increased sharply. At the same time, the company also increased production capacity at IMP2 and IMP3 to meet market demand.
In the first 9 months of 2024, the company launched 16 new products with 99 ongoing R&D projects. Imexpharm also deployed modern software - SAP S/4HANA, becoming the pioneer pharmaceutical company in Vietnam to apply this advanced technology in operations and customer service.
Changes in the Board of Directors and Executive Board
The company has appointed Ms. Le Nu Minh Hoai as Deputy General Director of Imexpharm. Ms. Hoai has 30 years of experience in the international and Vietnamese pharmaceutical industry.
After Ms. Chun Chaerhan resigned on September 26, Imexpharm proposed to appoint Mr. Woo Sung Min - with more than 20 years of management consulting experience in Asia - to the Board of Directors, currently awaiting shareholder approval.
Imexpharm also announced the completion of the issuance of bonus shares and became the leading listed pharmaceutical company in terms of charter capital, increasing the company's competitiveness, promoting more active IMP stock trading, improving liquidity, and consolidating the capital base to prepare for the expansion plan in the next 3-5 years.
New factory investment plan
Imexpharm has announced its plan and is in the process of obtaining written shareholders' opinions to approve the construction of the Cat Khanh Pharmaceutical Factory Complex Project in Dong Thap with the goal of diversifying its product portfolio and expanding new export markets.
The project has a total area of 25,000 m2, with a total estimated investment of VND1,495 billion. The estimated investment capital will include 20% equity and 80% loan capital. The company expects to complete the construction target by the end of 2028, and start commercial operations between December 2028 and the first quarter of 2030.
Market outlook
The Government’s Action Plan, announced in February 2024, to implement the National Strategy for Vietnam’s pharmaceutical industry, continues to facilitate Imexpharm’s growth momentum. Accordingly, domestic production capacity is expected to meet 80% of domestic pharmaceutical demand and 70% of total market value by 2030.
Ms. Tran Thi Dao, Member of the Board of Directors - General Director of Imexpharm, said: “In the third quarter, Imexpharm has grown impressively. This affirms the right strategy, competitive advantage and over 45 years of experience of Imexpharm in the market. This also affirms the tireless contributions of more than 1,400 employees along with the efforts of the Board of Directors and the leadership of the Board of Directors, especially Ms. Chun Chaerhan.
I believe that with a strategy of in-depth investment in product quality, advanced technology transfer, expanding drug portfolio, penetrating international markets and increasing production capacity, Imexpharm will always maintain its position as the leading pharmaceutical enterprise in Vietnam, gradually becoming a well-known enterprise in the Asian pharmaceutical market.
Imexpharm is a company that produces and distributes high-quality antibiotics in Vietnam. With over 45 years of history, Imexpharm has always been a pioneer in the Vietnamese pharmaceutical industry in terms of safety and quality standards. The company has a strategic and financial foundation ready for growth in both domestic and international markets; has been and will continue to expand its product portfolio into new areas of treatment and healthcare. At the end of the first 9 months of 2024, IMP's stock price increased by 97% compared to the beginning of the year, much higher than the 14% increase of VN-Index on the Ho Chi Minh City Stock Exchange. |
Bich Dao
Source: https://vietnamnet.vn/duoc-pham-imexpharm-tang-truong-an-tuong-2334097.html
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