Monday 15 July, 2019

Indies Pharma doubles profit

Indies Pharma by special resolution in November 2014 converted from a private to a public company and its shares were listed on the Junior Market of the Jamaica Stock Exchange on the August 2018.

Indies Pharma by special resolution in November 2014 converted from a private to a public company and its shares were listed on the Junior Market of the Jamaica Stock Exchange on the August 2018.

Indies Pharma Jamaica, which distributes medicines made higher revenue and doubled profit for the first quarter ending January 2019.

Net profit grew to $46.9 million from $23 million comparatively in the previous year's quarter which equated to $0.04 per share to investors.

The company founded by Dr Guna Muppuri generated $168.2 million in revenue for its first quarter an 11.2 per cent increase over the corresponding quarter in 2018.

Gross profit increased to $118.2 million or 28.58 per cent respectively for the quarter when compared to the corresponding period in the previous year. While administrative and other expenses increased to $72.1 million or 24.6 per cent.

The company also incurred increased security expenses up by 106.73 per cent and advertising and promotion that increased by 47.8 per cent. Motor vehicle, travel and entertainment expenses increased dramatically over the comparative three-month period that ended January 2018 and January 2019 from $3.13 million to $5.5 million correspondingly, a 75 per cent increase over the matching period in the previous year.

Indies was incorporated in December 2003 and operates from the Montego Bay Trade Centre, Catherine Hall, Montego Bay, St James.

The company by special resolution in November 2014 converted from a private to a public company and its shares were listed on the Junior Market of the Jamaica Stock Exchange on the August 2018.

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