Vietnamese pharma major Binh Dinh Pharmaceutical Medical Equipment JSC (Bidiphar) has set 2024 revenue and pre-tax profit targets of VND2,000 billion ($79.9 million) and VND320 billion ($12.78 million), respectively.
The firm, which will hold its 2024 annual general meeting of shareholders on April 27, has kept the same pre-tax profit as 2023.
In documents prepared prior to the AGM, Bidiphar has assessed that the global economy will continue to be in recession this year. Natural disasters, climate change, and international political issues are getting more complex and this would have a detrimental effect on Vietnam's international supply chain for goods, including machinery and raw materials used in the country's pharmaceutical industry.
Vietnam's policies are becoming more open in an effort to attract foreign investment, which presents both opportunity and difficulties for domestic firms.
To deal with this situation, Bidiphar will keep improving the quality of its products, strengthen its market position and attract the investment needed to achieve these objectives.
In 2024, Bidiphar intends to invest over VND842 billion ($33.63 million). Of this amount, approximately VND108 billion ($4.3 million) will be used to buy or renovate equipment for the factory in Quy Nhon town, Binh Dinh province.
Another VND734 billion ($29.3 million) will be used for investment in under-construction projects like the Nhon Hoi Cancer Factory (VND84 billion or $3.35 million), an aseptic production factory (nearly VND624 billion or $24.9 million), and the Bidiphar office building (VND16.4 billion or $655,180).
In its 2023 production and business plan, Bidiphar had aimed at revenues of VND1,800 billion ($78.9 million). However, the company only managed to reach VND1,732 billion ($69.2 million), or 96% of the target. Despite this, it earned record pre-tax profits of VND320 billion ($12.78 million), higher than the targeted VND300 billion ($12 million).
Looking back at the 2019-2023 five-year period, Bidiphar had experienced stable growth in revenue and profit. Revenue increased from VND1,321 billion ($52.77 million) in 2019 to VND1,732 billion ($69.2 million) in 2023; and profit from VND174 billion ($6.95 million) to VND320 billion ($12.78 million).
It envisions becoming a top five domestic pharmaceutical manufacturing company by 2026 and grow further to a top three position by 2030.
Bidiphar, listed on the Ho Chi Minh Stock Exchange (HoSE) as BDB, closed Friday at VND54,300 ($2.17) per share.