Citi Pharma Limited said Pakistani authorities have approved the layout plan for its nutraceutical facility.
“We, on behalf of the management of Citi Pharma Limited, are very happy to share with the members of the company that the Pakistan Ministry of National Health Services has approved the development plan for the nutraceutical facility of the company.” , said Citi Pharma. in its filing on the Pakistan Stock Exchange (PSX) on Friday.
Citi called the approval a success, adding that adding a new line to its product portfolio would increase its profit margin as it seeks to become the country’s leading national pharmaceutical brand.
Earlier in September, Citi Pharma announced plans to create a multi-million dollar wholly owned subsidiary in Uzbekistan.
Citi Pharma plans multi-million dollar subsidiary in Uzbekistan
The company has informed that the said project will be completed within one year. “The project will be undertaken at a total cost of $ 3 million, Citi Pharma will contribute $ 1 million in equity while local / international banks in Uzbekistan will provide long-term debt of $ 2 million at subsidized rates. “
In June, Citi Pharma raised a total of Rs 2.32 billion, making it the second IPO of the pharmaceutical industry in 23 years.
Oversubscribed IPO: Citi Pharma Raises Rs 2.32 Billion In Bookbuilding
Citi Pharma achieved revenue growth of Rs 1,016 million in FY16 to Rs 3,528 million in FY20, a CAGR of 36.2% in 5 years. The company recorded Rs 4,015 million in sales in the nine months of FY21, surpassing last year’s sales.
The company plans to expand its current capacity from 3,600 tonnes per year of paracetamol to 6,000 tonnes per year. In addition, the company announced its intention to add new APIs as well as pharmaceutical formulation, or end products, to its existing product line.