A significant increase in expenses left a dent in Beximco’s net profits as it closed its 2023 financial year, despite strong revenue growth, following a significant depreciation of domestic currency and high inflation impact on profits. Its results for the first quarter of 2024, posted six days later, told a similar story, as a gross margin squeeze and debt costs saw net profits increase year on year but fall short of street estimates.
For FY2023, net sales increased 13.3% to BDT39.2bn ($354.6m), but profit after tax decreased 9.5% to BDT4.52bn. As well as...
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