The Searle Company Limited (PSX: SEARL) has achieved a significant milestone by becoming the first pharmaceutical company in Pakistan to secure registration for its manufacturing facility in the United Arab Emirates (UAE).
This achievement reflects the company’s rapid expansion into various global markets, encompassing South Asia, Southeast Asia, Africa, Francophone Africa, the Gulf Cooperation Council (GCC), Commonwealth of Independent States (CIS), Canada, Europe, and Latin America (EU&LATAM), among others.
The core focus of the company lies in the production of pharmaceuticals and various consumer products. International Brands (Private) Limited serves as the parent company, holding a substantial 56.32% ownership stake.
SEARL had total Assets of PKR 51.4bn at March-2023 end with Equity of PKR 27.6bn.
SEARL’s profitability has remained suppressed as of lately due to tough economic conditions. SEARL had posted a (consolidated) profit after tax of PKR 0.94Bn in 9MFY23 as compared to a profit after tax of PKR 2.09bn in the same period last year, down by 54.92% YoY owing to higher input cost due to devaluation of PKR in addition to higher finance costs.
The company has posted a revenue of Rs26.42bn against Rs22.20bn in SPLY, recording a growth of 19.1% YoY. The move to setup manufacturing facility offshore makes fiscal sense for the company.
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