Otsuka Pakistan Limited, OPL, a public limited company quoted on the stock exchange, is a joint venture between the Otsuka Pharmaceutical Company Ltd, Japan (45% of equity), Otsuka Indonesia (10% of equity), Feroze Family (30% of equity) and General Public (15% of equity).
There are seven Directors on the Board representing Otsuka Japan and three representing the Feroze Family, while one from Otsuka Indonesia.
OPL was incorporated in February 1988 and commenced commercial production of intravenous solutions in September 1989 at its factory in Hub, Balochistan.
It commands 25% share of the local market. OPL's current activities are mainly focused on the manufacture of IV solutions and marketing there effectively to remain in the lead both in quality and quantity.
Therapeutic drugs OPL's second line of business, which consist of Pletaal and Meptin. These medicines are manufactured by Efroze Chemical Industries (Pvt) Ltd and marketed by OPL.
The company is providing international quality solutions and medicines at the doorsteps of doctors, hospitals and pharmacies. Medical profession in Pakistan is benefiting from Otsuka Research.
The closing quotation of the OPL's share on 9-7-2004 was Rs 40.04 per share which is 10 times of the par value. During the last one year the price of the share increased from Rs 32.40 to Rs 49.40 per share.
During 9M 2003-04, the company's sales substantially improved to Rs 330.14 millions from Rs 265.53 millions posted in the same period last year showing 24.3% growth.
The annualised estimated sales works out to Rs 440 millions for full financial year 2003-04 ended at June 30, 2004. If this is achieved then the growth will be 2.6% over the last year 2002-03 actual sales of Rs 428.50 millions.
The average growth rate of sales per year is well above its 30%. Hence the modest growth rate of 2.7% should be attained.
The third quarter 2003-04 sales was 31% higher compared to Q3 2002-03. If the upward trend in sales continues, in this way, then the company is moving towards crossing the sales threshold of Rs 500 millions.
During the period the company's net profit improved by 28% to Rs 21 millions from Rs 16.41 millions in the same period last year.
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Performance Statistics (Million Rupees)
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Balance Sheet -As At-
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March 31 June 30
2004 2003
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Share Capital-Paid-up: 100.00 100.00
Reserves & Profit: 85.81 64.78
Shareholders Equity: 185.81 164.78
Deferred Taxation: 3.99 0.15
Current Liabilities: 107.35 123.00
Tangible Fixed Assets: 82.07 61.81
L.T Loans: 3.54 3.07
L.T Deposits: 0.43 0.38
Current Assets: 210.51 222.67
Total Assets: 296.55 287.93
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Profit & Loss A/c
For the Nine Months Ended March 31 2004 2003
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Net Sales: 330.14 265.53
Gross Profit: 117.16 87.44
Operating Profit: 36.48 28.45
Other Income: 1.33 2.66
Financial (Charges): (0.70) (0.63)
Profit Before Taxation: 33.58 25.72
Profit After Taxation: 21.03 16.41
Earnings Per Share (Rs): 2.10 1.64
Share Price (Rs) on 09.07.2004: 40.05 -
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Financial Ratio
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Price/Earning Ratio: 19.07 -
Book Value of Share (Rs): 18.58 16.48
Debt/Equity Ratio: 0:100 0:100
Current Ratio: 2.76 1.81
Gross Profit Margin (%): 35.49 3.29
Net Profit Margin (%): 6.37 6.18
R.O.A. (%): 7.09 5.70
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