Square Pharma will begin manufacturing drugs in Kenya

Posted on : Tuesday, 11th January 2022

Square Pharmaceuticals Ltd will be the first Bangladeshi business to manufacture medicines in overseas, once it begins production in Kenya in January 2022.

 

The trial period began in December 2021.

 

According to the company's financial statements, the project's construction began in 2019 and was initially scheduled to be completed in early 2021.

 

The global outbreak of Covid-19, on the other hand, had a significant impact on construction work.

 

Finally, Square finished the Tk170 crore construction of its production plant in Nairobi, Kenya's capital, in September 2021.

 

The pharma giant is attempting to seize a $30 million medication market in Kenya and five other East African countries - Tanzania, Rwanda, Burundi, Uganda, and South Sudan – in order to meet the countries' unmet medical needs.

 

Square invested $20 million in a pharmaceuticals production factory in Kenya, according to a 2017 filing on the Dhaka Stock Exchange.

 

Square Pharma used $8 million from its capital, with the remaining funds coming from a loan.

 

Square presently exports medicine to 42 countries, including 19 in Asia, 13 in Africa, three in Oceania, six in the Central and South Americas, and the UK.

 

The company's gross sales from July to September of this fiscal year was Tk1,742 crore, up from Tk1,472 crore in the previous fiscal year's same period.

 

During that time, its total revenue was Tk595 crore, with earnings per share of Tk5.64.

 

The sponsors and directors held 34.57 percent of the company's shares as of October 31, 2021, institutions 14.03 percent, overseas investors 14.26 percent, and the general public 37.14 percent.

 

Tk217.20 was the company's most recently traded share price on the Dhaka Stock Exchange.