Imexpharm closes stock bonus ratio 1:1

The list of shareholders will be finalized on September 18, 2024. After completion, the expected charter capital after issuance is more than VND 1,540 billion.

Imexpharm Pharmaceutical Joint Stock Company (code IMP - HoSE) announced that September 18, 2024 will be the last registration date to exercise the right to receive additional shares issued due to increased share capital from equity (bonus shares). The ex-rights trading date is September 17, 2024.

Accordingly, the company will issue bonus shares at a rate of 100%, equivalent to a 1:1 right exercise ratio (1 old share receives 1 right and 1 right receives 1 new share). The company plans to issue more than 77 million shares and the expected charter capital after issuance is more than 1,540 billion VND.

The above plan will make Imexpharm the listed pharmaceutical company with the largest charter capital. In addition, the liquidity of IMP shares is also expected to improve. The company's two largest shareholders, SK Group and Vietnam Pharmaceutical Corporation, own 64.8% and 22%, respectively.

Previously, in mid-July, the company had fixed the right to pay dividends for 2023 at a rate of 20%. This dividend includes 10% in cash, corresponding to each shareholder owning 1 share will receive 1,000 VND and 10% in shares, corresponding to each shareholder owning 10 shares will receive 1 newly issued share.

In the second quarter of 2024, Imexpharm achieved VND517.1 billion in net revenue, up 18% year-on-year. However, the increase in cost of goods sold was stronger, so the gross profit margin decreased by 44% to 40%. Gross profit was recorded at VND200.6 billion, while in the same period it was VND193 billion. Selling expenses and administrative expenses increased by 18% and 22% respectively, so the Company reported a profit after tax of nearly VND66 billion, down 17% year-on-year.

Sharing about the change in profit this period, the company said that profit decreased due to fluctuations in input material prices. At the same time, production output at IMP 1 factory decreased due to slow growth in the OTC market (retail at pharmacies). IMP 4 factory officially came into operation (from the third quarter of 2023), leading to increased depreciation and operating costs. In the first 6 months of the year, the company recorded a 10% increase in net revenue to VND 1,008 billion. Profit after tax decreased by 19% to VND 128 billion. In the first 6 months of the year, the company's revenue and profit after tax reached 43% and 30% of the company's plan, respectively.

In a recent analysis report, SSI Securities analysis assessed that this pharmaceutical company could benefit from policies supporting the public hospital bidding channel. The Ministry of Health recently issued Circular 03, effective from May 17, 2024, providing a list of 93 drugs that must be produced by at least 3 domestic manufacturers. These three manufacturers need to have production lines that meet EU-GMP standards, and meet technical, quality, price, and supply criteria. Imported drugs will not be allowed to bid for public hospitals with these drugs. Companies with EU-GMP production lines such as Imexpharm will be prioritized by these policies. Imexpharm currently ranks 3rd in terms of hospital channel market share with 2.3% market share, behind only 2 multinational companies (AstraZeneca & Roche).

As of June 30, Imexpharm 's total assets reached VND2,505 billion, up 5% compared to the beginning of the year. Of which, VND258.5 billion was in cash and deposits, up 30%.

On the stock market, IMP shares are trading at around VND94,300/share, an increase of more than 80% compared to the end of 2023.

Source: https://baodautu.vn/imexpharm-chot-thuong-co-phieu-ty-le-11-d224740.html