Leading drug maker Pharbaco to list on UPCoM next week

Central Pharmaceutical Joint Stock Company No.1 (Pharbaco) is expected to trade 40 million shares on the Unlisted Public Company Market (UPCoM) on November 26 at the reference price of VND11,500 ($0.5) per share, according to the Hanoi Stock Exchange (HNX).

Pharbaco (ticker: PBC) has been operating under the JSC format since 2007. Currently, it is one of the leading drug makers under the Ministry of Health.

At end of October 2019, Pharbaco has eight shareholders holding 96 per cent of the total capital, of which Saigon Pharma owns 35.3 per cent, Apollo (26.63 per cent), Vinapharm (14.25 per cent), Cong Huy Cuong Pharma (12.5 per cent), and Reliv Pharma (7.2 per cent).

In 2018, Pharbaco made a net revenue of VND1.22 trillion ($53 million), up 31 per cent on-year. However, its after-tax profit fell by 82 per cent on-year to just over VND3 billion ($130,400).

Pharbaco blamed the low profit on the fluctuations of foreign currency exchange rates, thus resulting in an increase in input material costs and a rise in the cost to upgrade the eastern medicine plant, among others.

This year, Pharbaco aims to report a revenue of VND1.5 trillion ($65.2 million) and profit of VND20 billion ($869,600). The company plans to pay no dividend in 2018 and 2019.

In the first nine months of 2019, Pharbaco made nearly VND955 billion ($41.5 million) of revenue.

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