Renata PLC, a leading pharmaceutical company, reported robust financial results for the fiscal year 2023-24, driven by higher exports and lower finance costs.
According to a company disclosure, the company’s revenue grew by 14% year-on-year to Tk 3,771 crore, while net profit surged by 55% to Tk 362 crore.
Cost efficiency and optimization measures contributed to the revenue increase, though selling, marketing, distribution, and administration costs rose by 8%. Despite these expenses, the company’s net profit significantly improved.
At a board meeting today, Renata announced a cash dividend of 92%, an increase from last year’s 62.5%. The company highlighted a 4% export growth and expanded its export destinations to 50 countries, including key markets like the US and Australia.
Renata also benefited from the government’s re-establishment of birth control pill procurement, which had been deprioritized during the COVID-19 vaccination program. A new tuberculosis treatment product also boosted the company’s contract manufacturing revenue by 110% year-on-year.
Renata’s financial risk mitigation efforts led to a 13% reduction in net finance costs. In the pharmaceutical sector, the company outpaced the industry, recording 12% growth compared to the overall market’s 7% growth. Renata maintained its market leadership in the animal health segment, achieving 9% growth against the industry’s 6% growth rate.
