Home Businessuite Markets Indies Pharma Jamaica Reporting 28% Jump In Revenues To JA$575.8M For Nine Months Ended July 31, 2019
Indies Pharma Jamaica Reporting 28% Jump In Revenues To JA$575.8M For Nine Months Ended July 31, 2019

Indies Pharma Jamaica Reporting 28% Jump In Revenues To JA$575.8M For Nine Months Ended July 31, 2019

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Photo Caption: Dr Guna Muppuri and Co-Founder, Executive Director & COO Vishnu Muppuri (Mrs.) at JSE. looking on are JSE Managing Director Marlene Street Forrest (centre) and others.

Indies Pharma Jamaica Limited is reporting for the nine months ended July 31, 2019, revenues of J$575.8 million, representing an increase of 28% or J$126.5 million over the corresponding period in 2018.

The third quarter revenue figures came in at a 45% or J$66.34 million increase over the corresponding period in 2018.

Commenting on the results Co-Founder, Executive Director & COO Vishnu Muppuri (Mrs.) reported that growth was also achieved in profitability, as total gross profit for the nine-month period was J$387.01 million, representing a 34% or J$98.38 million compared with 2018.

For the three-month period ending July 31, 2019 a 34% increase in gross profit was recorded, which represents an increase of J$34.49 million compared to the similar period in 2018.

Administrative and other expenses increased to J$275.7 million, which represents a J$94.4 million rise compared to same period in the prior year, mainly due to costs related to increases in business activity. Significant increases were incurred for rent, lease and set-up costs for the new facility in Freeport, Montego Bay, she reported.

Net profit increased to J$118.24 million, a 48% increase or J$38.13 million gain over the nine months when compared to the corresponding period in the previous year.

Muppuri (Mrs.) also reported Liabilities decreasing by 74% or J$187.17 million as Indies Pharma Jamaica retired all its loans when compared to the equivalent period in 2018. The company therefore has no debt, which indicates its good financial health and shows that it is in a good position for future growth.

Indies Pharma Jamaica limited reported earnings per share (EPS) for the nine-month period of 9 cents per share, which equals the October 31, 2018 audited year-end result and reflects a 44% or 3 cents increase in shareholders’ equity over the corresponding period in 2018.

Additionally, the Indies Pharma stock price closed at J$3.14 on July 31, 2019, representing an increase 109% or J$1.64 per share since the company’s Junior Market Listing on the Jamaica Stock Exchange (JSE).

The company paid dividends of J$106.6M in February 2019.

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