Imexpharm Joint Stock Pharmaceutical Company (IMP-HOSE) announces the Board of Directors’ resolution on the implementation of the plan to issue shares to increase charter capital from owned capital sources.
Accordingly, IMP plans to issue 77,004,481 new shares to existing shareholders at a ratio of 1:1 (for every 1 share held, the shareholder will receive 1 right, and for every 1 right, they will receive 1 new share).
The source of the issuance is surplus capital, investment fund, and undistributed post-tax profits as of December 31, 2023, based on the Company’s audited 2023 financial statements.
The expected timeline for the issuance is the 3rd and 4th quarters of 2024, after the SSC announces the receipt of IMP’s report on the issuance of shares to increase charter capital from owned capital sources.
If successful, the total expected number of shares after the issuance is 154,042,762 shares, corresponding to a post-issuance charter capital of over VND 1,540 billion.
In the market, IMP shares recently hit a historical peak in the session on July 16, closing at VND 93,400/share. On July 22, the share price dropped to VND 81,000/share, and as of August 13, it traded at VND 84,000/share.
Previously, IMP issued 6,999,832 bonus shares for 2023 dividends, bringing the total number of listed shares to 77,038,281. The trading date for the newly listed shares is August 16.
For the second quarter of 2024, the company reported a 17.6% increase in net revenue to VND 517.22 billion, a 3.9% increase in gross profit to over VND 200 billion, and an 18% and 22% increase in selling expenses and management expenses, respectively. This led to a 17% decrease in net income from business operations to over VND 82 billion and a 17.3% decrease in post-tax profits to nearly VND 66 billion.
According to IMP, the profit loss was due to increasing prices of raw materials, reduced production output at the IMP1 factory due to slow growth in the OTC market, and the official operation of the IMP4 factory (3rd quarter of 2024) resulting in higher depreciation and operating costs.
For the first six months of 2024, IMP recorded net revenue of VND 1,008 billion, up 10% year-on-year. ETC channel sales in the first half of the year increased by 33% compared to the same period last year, and sales through the chain channel increased by 141%. Pre-tax profit and EBITDA were recorded at VND 161 billion and VND 215 billion, respectively, maintaining a stable EBITDA margin of 21%.
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