Montego Bay-based pharmaceutical company, Indies Pharma, ended its 2021 financial year with profits and revenues climbing.

For the twelve-month period ended October 30, 2021, profit from operations amounted to $225 million coming from $214 million in 2020. Profit from operations during the fourth quarter was up 35 per cent to $70 million coming from $52 million in 2020.

Gross profit for 2021 was up four per cent or $24 million compared to the prior twelve-month period in 2020. Gross profit for the fourth quarter improved by 17 per cent or $22 million when compared with the corresponding period in 2020.

However, net profit for the year declined to $160 million coming from $207 million in 2020. Indies Pharma co-founder and executive director, Vishnu V. Muppuri reports “this positive decline profit is primarily attributed to the finance cost associated with the loan acquired for ‘Growth Capital’, our strategic investment for long term value.”

Big growth in comprehensive income in 2021

She pointed out that despite the quarterly interest payments, net profit for the quarter reflects a 12 per cent increase of $6 million. Total comprehensive income for the period 2021 grew by 62 per cent, due to the gain on revaluation of the land that was purchased in the prior year.

The same is reflected in the fourth quarter. For the year in review, Indies Pharma earned gross revenues of $847 million, which is 11 per cent higher than the $766 million recorded in 2020.

Revenue for the fourth quarter was $214 million, seven per cent higher than the $200 million recorded in the prior fourth quarter, ended October 2020. The company continues to implement strategies to mitigate the COVID-19 pandemic’s impact on the cost of sales.

The earning per share (EPS) for 2021 was $0.12 cents per share compared to $0.16 cents in 2021. Total assets at the end of the 2021 financial year stood at $2 billion up from $1.7 billion in 2020, reflecting an increase of 13 per cent.

Shareholders’ equity was $1.1 billion compared to $786 million in 2020 while total liabilities declined by six per cent from $995 million in 2020 to $931 million in 2021.

The $805 million bond attained in 2020 towards “Growth Capital” remain on the books as we continue to grow the company through the development and approval of two new drugs at the Food and Drug Administration (FDA) for the United States market. 

The company continues to maintain a steady performance and remains healthy and consistent in these challenging and trying times and continues to execute on its strategy through strengthening its intellectual property (new drug approvals for the US market), tangible assets (prime real estate) and relations with customers, shareholders, and its employees.