Imexpharm Corporation Hosts Shareholders, Analysts and Potential Investors at its 2024 Annual General Meeting
*HO CHI MINH CITY, VIETNAM, Apr 26, 2024 - (ACN Newswire) -* Imexpharm Corporation (“Imexpharm” or the “Company,” IMP.VN), a pioneering leader in Vietnam’s pharmaceutical industry, announced that its 2024 Annual General Meeting of Shareholders (AGM) was held today at the Hilton Saigon Hotel, District 1, Ho Chi Minh City.
Ms. Chaerhan Chun, Non-Executive Chairman of Imexpharm’ s Board of Directors, said, “In 2023, Imexpharm met head on the challenges created by the complex macro environment, including inflation, geoeconomic fragmentation, geopolitical instability and climate change, and reported its best performance since listing in 2006.”
Ms. Tran Thi Dao, General Director of the Executive Board, and Executive Director of Imexpharm’ s Board of Directors commented, “We are delighted with Imexpharm’ s performance. Our decades of investing in technology such that we have the largest number of EU-GMP production lines, has given us a strong competitive advantage in the hospital channel, which has helped to drive our record-breaking growth in 2023.”
2023 was a record-breaking year for Imexpharm. The Company’s total revenue increased by 26% YoY to to VND2,113.0 billion. This represents a record year of growth for the Company, and compares favourably to overall market growth of 8%. EBITDA jumped 31% to end the year at VND466.0 billion, significantly ahead of the Company’s budgeted numbers. Over the past five years, Imexpharm’s EBITDA CAGR has been an impressive 17.5%.
Throughout 2023, Imexpharm maintained its leading position for the production and distribution of antibiotics in Vietnam, boasting a market share approaching 9%. At the same time, the Company's diversification initiatives yielded robust revenues from various product categories, notably cough medications, analgesics, antipyretics and digestive aids. Furthermore, Imexpharm strategically expanded its revenue streams by venturing into the lucrative segments of vitamins and health supplements, aligning with the growing wellness market.
With its commitment to meeting evolving consumer demands through product diversification, Imexpharm embarked on exploring international markets in 2023. The Company is well positioned strategically to extend its sales footprint into diverse markets across Asia and Europe. This is thanks to its international-standard Safety, Health, Environment (SHE) protocols and Maintenance, Repair, Operations (MRO) standards, in addition to the 27 European Union Marketing Authorizations (MAs) it holds.
To express its gratitude for shareholders’ ongoing support, the Board of Directors of Imexpharm will implement a new dividend policy for 2024/2025, increasing it to 20%, with 10% in the form of a cash dividend and 10% in stock dividends. The resolution to approve this was successfully passed at today’s AGM.
Looking into 2024, despite the challenging macroeconomic environment, Vietnam and the domestic pharmaceutical industry are expected to continue to grow. The IMF is forecasting that Vietnam will be the world’s 20th fastest growing economy. Reflecting its ambitions for the economy, the National Assembly has set a 2024 GDP growth target for Vietnam of 6.0-6.5%, more than double the IMF’s expectations for that measure globally.
While the Vietnamese pharmaceutical sector is expected to grow by 6% to 8% over the year, Imexpharm is committed to double-digit growth. Following its record-breaking year in 2023, Imexpharm is targeting gross revenue growth of 24% in 2024. Within this, the Company expects to achieve robust revenue growth in the fast-growing ETC sales channel of 49%. The Company also aims to further boost its EBITDA by 18%.
Imexpharm recently reported revenue growth for Q1 2024, despite a complex operating environment inevitably impacting performance during the quarter. The systems and processes put in place by the Company to handle market fluctuations, as well as its plans for new products and new markets, mean Imexpharm is confident in meeting its targets for the year ahead.
Ms. Chaerhan Chun said, “Doing business in a highly competitive and continuously changing pharmaceutical sector is not easy. This makes me incredibly proud of Imexpharm’ s many achievements during 2023. This coming year, we will continue to meet all challenges head on, flexing our business model to meet customer demand and to deliver on the promises we have made today to our shareholders.”
Ms. Tran Thi Dao commented, “2024 is another challenging year ahead, but we are prepared for this, and have a robust growth plan for delivering another record year of results. We will continue to expand our revenues aggressively and are seeing terrific growth particularly in the ETC channel. Our factories, including our newest IMP4 factory, are gearing up production to meet the high levels of demand we have from our customers. As we continue to diversify our products and look to grow in new markets, I am excited about our next phase of growth ahead.”
*About Imexpharm*
Imexpharm is a market leader in manufacturing and distributing high quality antibiotics in Vietnam. Over its close to fifty-year history, the company has been a pioneer in Vietnam’s rapidly evolving pharmaceutical industry, focusing on international partnerships and operating at the highest safety and quality standards. Looking to the future, it is strategically and financially poised for growth domestically and on the global stage, and has been, and will continue to expand its portfolio into new treatment areas and wellness.
For more information, please contact:
Nguyen An Duy, CFO
ir@imexpharm.com
+84 277 385 1941
Le Thanh Hang, IR Director
hanglt@imexpharm.com
+84 (0) 91 201 1942
Nguyen Thi Kim Le, Investor Relations
lenguyen@imexpharm.com
+84 (0) 39 949 4911
Ho Thi Kieu Trinh, Investor Relations
trinhhtk@imexpharm.com
+84 (0) 90 908 1014
Copyright 2024 ACN Newswire. All rights reserved. www.acnnewswire.com