Renata's profit dips for higher cost

FE REPORT
Renata earned 11 per cent less profit in the six months through December of FY24, compared to the same period of the previous fiscal year, while its revenue increased 17 per cent year-on-year during the time.
Its earnings per share stood at Tk 16.21 for the period, down from Tk 18.3 a year ago.
The profit declined mainly because of an increase in cost.
The drug maker's un-audited financial statement reveals that the costs were up about 4.5 percentage point in July-December, FY24, compared to the period of the previous fiscal year.
In July-December FY23, cost of goods sold (production cost) and selling and administrative expenses accounted for 80.07 per cent of the revenue, which increased to 84.56 per cent of the revenue for the period in FY24.
Renata (formerly Pfizer) is one of the leading and fastest growing pharmaceutical and animal health product companies in Bangladesh.
In FY23, its yearly profit was Tk 2.34 billion, the lowest in seven years.
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