Imexpharm finalizes stock bonus at a 1:1 ratio.

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

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

Accordingly, the company will issue bonus shares at a ratio of 100%, equivalent to a 1:1 exercise ratio (1 existing share entitles the holder to 1 right, and 1 right entitles the holder to 1 additional new share). The company plans to issue over 77 million shares, and the projected charter capital after the issuance will be over 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 are SK Group and Vietnam Pharmaceutical Corporation, owning 64.8% and 22% respectively.

Previously, in mid-July, the company finalized the dividend payment for 2023 at a rate of 20%. This dividend includes 10% in cash, meaning each shareholder owning 1 share will receive 1,000 VND, and 10% in shares, meaning each shareholder owning 10 shares will receive 1 newly issued share.

In the second quarter of 2024, Imexpharm achieved net revenue of VND 517.1 billion, an 18% increase compared to the same period last year. However, the cost of goods sold increased more sharply, resulting in a 44% decrease in the gross profit margin to 40%. Gross profit was recorded at VND 200.6 billion, compared to VND 193 billion in the same period last year. Selling expenses and administrative expenses increased by 18% and 22% respectively, so the company reported a net profit after tax of nearly VND 66 billion, a 17% decrease compared to the same period last year.

Regarding the changes in profit this period, the company stated that the decrease in profit was due to fluctuations in the price of raw materials. Additionally, production output at the IMP 1 plant decreased due to slow growth in the OTC (over-the-counter) market. The IMP 4 plant officially commenced operations (from Q3/2023), leading to increased depreciation and operating costs. For the first six months of the year, the company recorded a 10% increase in net revenue to VND 1,008 billion. Net profit after tax decreased by 19% to VND 128 billion. In the first six months, the company's revenue and net profit after tax reached 43% and 30% of the company's plan, respectively.

In a recent analysis report, SSI Securities' analysis team 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 types of drugs that must be manufactured by at least three domestic manufacturers. These three manufacturers need to have production lines that meet EU-GMP standards and meet technical, quality, price, and supply capacity criteria. Imported drugs will not be allowed to bid on public hospital tenders for these drugs. Companies with EU-GMP-certified production lines, such as Imexpharm, will be prioritized by these policies. Currently, Imexpharm ranks third in market share for the hospital channel with 2.3%, behind only two multinational companies (AstraZeneca & Roche).

As of June 30th, Imexpharm 's total assets reached VND 2,505 billion, a 5% increase compared to the beginning of the year. This included VND 258.5 billion in cash and deposits, a 30% increase.

On the stock market, IMP shares are currently trading at around 94,300 VND per share, representing an increase of over 80% compared to the end of 2023.

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