December 31, 2021 (MLN): National Health Services, Government of Pakistan has approved the layout plan of Nutraceutical facility of Citi Pharma Limited (CPHL), company’s filing on bourse showed today.
The addition of a new line in CPHL’s product portfolio will increase its profit margins and pave towards its commitment to be the leading Pharmaceutical National brand of the country, the notice said.
After its listing on Exchange, CPHL and CCL Pharma (Pvt) Limited had executed an agreement to manufacture Formulation Products on their behalf.
In September 2021, the management of Citi Pharma had signed an agreement with Deputy Governor Namangan Region, Uzbekistan to establish a wholly-owned subsidiary of the company in Uzbekistan to produce syrups, liquids, psychotropic products, general section etc.
CPHL is the second pharmaceutical company to have gone to the public markets in the last 23 years. The company raised Rs2.32 billion in total, making it the single largest IPO of 2021 to date. As a leading local API, Citi boasts some of the major pharma brands among its customers. Its top-line has been scaling rapidly as the revenues have grown from Rs1.02 billion in FY16 to Rs5.79bn in FY21.
During the quarter ended September 30, 2021, the company earned a net profit after tax of Rs81.3 millionas compared to the previous year's same quarter which was Rs34.7 million due to an increase in sales revenue, other income.
