10.03.2014 15:58:57

Sihuan Pharmaceutical 2013 Profit Surges 44% On Strong Revenue Growth

(RTTNews) - Investment holding company Sihuan Pharmaceutical Holdings Group Ltd. (SHPHF, 0460.HK) reported a profit for the full year ended December 31, 2013 that surged 44 percent from last year, reflecting improved gross margins and strong double-digit revenue growth.

Sihuan is engaged in the research and development as well as he manufacturing and sales of pharmaceutical products.

The company noted that the successful internal integration in 2012 following previous expansion strengthened Sihuan's core competitiveness on the whole and returned the company to its rapid growth trajectory in 2013.

The company reported profit attributable to owners of the company of RMB 1.30 billion or RMB 25.18 cents per share for the full year 2013, higher than RMB 904.40 million or RMB 17.48 cents per share in the prior year.

Revenue of the yeas surged 55.6 percent to RMB 4.73 billion from RMB 3.04 billion in the previous year.

Revenue from sales of cardio-cerebral vascular or CCV drugs in 2013 amounted to about RMB 4.51 billion, up 60.7 percent from last year, and accounted for about 95.2 percent of the Group's turnover in 2013.

The strong revenue growth was attributable to the sharp sales rebound achieved for its two key products, Kelinao and Oudimei, and also the rapid growth of the company's fast-growing promising products such as Yuanzhijiu, Yeduojia, and Danshen Chuangxionqin.

The group maintained its lead in China's CCV prescription drug market by growing its market share in terms of hospital purchase to 9.3 percent and further enhanced its position in the China prescription drug market.

Gross profit margin for the year improved 300 basis points to 78.2 percent from last year's 75.2 percent, mainly due to an increase in the sales of products with higher gross profit margins.

The company noted that its board has also recommended a final cash dividend of RMB 2.1 cents per share along with a bonus issue of one ordinary share at par value of HK$0.01 each for every existing ordinary share, both of which are subject to the approval of the shareholders at the annual general meeting of the company to be held on May 30, 2014.

0460.HK closed Monday's regular trading session on the HKEx at HK$9.10, down HK$0.01 or 0.11% on a volume of 23.81 million shares.

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