Two local pharma companies & one leather company make the list of ‘Forbes’ best under $1b’

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Three Bangladeshi companies have been included in Forbes’ list of 200 companies in Asia and the Pacific region for gaining revenue under $1 billion and consistent top-line and bottom-line growth. The three companies are Square Pharmaceuticals, Reneta and Fortune Shoes, as reported by The Daily Star.

According to Forbes’ ‘Asia’s 200 Best Under A Billion’, these companies have track records of exceptional corporate performance, with one Covid-19 caveat: the list is based on full-year data as of July 7 and does not fully reflect the impact from the pandemic-led downturn.

The American magazine said Square Pharmaceuticals, one of the leading drug makers in Bangladesh, has sales of $512 million and a net income of $150 million. The market value of the publicly listed company is $1,716 million.

The pharmaceutical company posted 17 per cent higher sales year-on-year to Tk 52.93 billion in the fiscal year of 2019-20.

Its exports earnings have also grown. The drugmaker posted nearly 23 per cent higher profits in its last financial year.

The magazine reported Renata’s sales at $271 million and net income $45 million. Renata’s market value was reported at $1,071 million.

Renata’s turnover grew 9 per cent year-on-year to Tk 24.16 billion in the financial year 2019-20.

Also listed on the stock exchange, the company recorded 8 per cent growth in its profit after tax, according to its annual report.

Fortune Shoes, which mainly exports to Europe and based mainly in the southern division of Barishal, was reported to have sales worth $18 million while net income $3 million. The list said its market value was $28 million. Fortune has 5,000 workers and it exports leather boots to the European market.

The list is meant to identify publicly listed companies with long-term sustainable performance across a variety of metrics. The 200 companies made the cut out of 18,000 publicly traded companies in the Asia-Pacific region with annual revenues above $10 million, but below $1 billion.

Sources: THE DAILY STAR

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