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Tuesday, 2 April 2024, 16:49 HKT/SGT

Source: Imexpharm
Imexpharm Corporation Announces 2023 Annual Results

  • Revenue and profit growth at record, market-leading levels
  • Number one supplier of antibiotics in Vietnam and number five in the market overall
  • Continued domestic growth to be complemented by overseas expansion

HO CHI MINH CITY, VIETNAM, Apr 2, 2024 - (ACN Newswire) - Imexpharm Corporation (“Imexpharm” or the “Company,” IMP.VN), a pioneering leader in Vietnam’s pharmaceutical industry, has announced its business results for the fiscal year ending December 31, 2023.

Financial highlights

Total revenue in 2023 increased 26% to VND2,113.0 billion.  This represents a record year of growth for the Company, and compares favourably to overall market growth of 8%.  EBITDA jumped 31% to end the year at VND466.0 billion, significantly ahead of the Company’s budgeted numbers. 

Costs in the year were well controlled, with a 15% rise in selling expenses comfortably below the rise in revenues.  General and administrative expenses fell by 9% as the Company continued to implement process efficiencies in both production and sales.  This impressive result allows Imexpharm to propose to the upcoming General Meeting of Shareholders to increase the dividend ratio on charter capital to 20% (10% in cash and 10% in shares), compared to the previously announced plan of 15%.

Business highlights

Imexpharm continued to hold the number one position for producing and selling antibiotics in Vietnam throughout 2023.  At the same time its diversification activities mean the Company saw healthy revenues from other products, most significantly cough medicines, analgesics, and antipyretics, as well as digestive aids. Imexpharm also started to generate revenue from vitamins and health supplements as part of its strategy to tap the growing wellness market.

The Company spent 5% of net revenue on R&D during the period, reflecting the importance of continued innovations to its future growth.  Production capacity increased with its newest factory, (IMP4) coming onstream. Despite driving record revenues, Imexpharm’s factories still have substantial capacity headroom, indicating the Company’s potential to continue significantly growing revenue in 2024 and beyond.

Alongside plans to meet ever evolving customer demand by diversifying its product lines, the Company also began exploring international markets in 2023. With its world-class SHE (Safety, Health, Environment) and MRO (Maintenance, Repair, Operations) manufacturing standards and 27 EU MAs across 11 products, Imexpharm is well placed to diversify its sales into other markets in Asia as well as Europe.

Ms. Chaerhan Chun, Non-Executive Chairman of Imexpharm’s Board of Directors, said, “In a challenging macroeconomic environment, Imexpharm has set new records for production and business management in 2023 while aligning itself for future success.  Ever since its foundation nearly 50 years ago, the Company has been a pioneer in Vietnam’s dynamic pharmaceutical industry, focusing on international partnerships and operating at the highest safety and quality standards. I am confident that Imexpharm is strategically and financially poised for growth in 2024, both at home and on the global stage.”

About Imexpharm

Imexpharm is a market leader in manufacturing and distributing high quality antibiotics in Vietnam. Over its close to fifty-year history, the company has been a pioneer in Vietnam’s rapidly evolving pharmaceutical industry, focusing on international partnerships and operating at the highest safety and quality standards.  Looking to the future, it is strategically and financially poised for growth domestically and on the global stage, and has been, and will continue to expand its portfolio into new treatment areas and wellness.

For more information, please contact:

Nguyen An Duy, CFO

+84 277 385 1941

Nguyen Thi Kim Le, Investor Relations

+84 (0) 39 949 4911

Ho Thi Kieu Trinh, Investor Relations

+84 (0) 90 908 1014


Topic: Press release summary
Source: Imexpharm
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