PROFITABILITY OF LISTED PHARMACEUTICAL COMPANIES IN
BANGLADESH:
AN INTER & INTRA COMPARISON OF AMBEE & IBN SINA
COMPANIES LTD
NIMALATHASAN, B*
Abstract: The pharmaceutical market of Bangladesh very much dynamic and competitive
and is comparable to those of developed countries. It is a matter of great pleasure that this
sector successfully fulfils major portion of local demand of pharmaceutical products and at
the same time it is moving forward to explore the international market for chemicals and
pharmaceuticals products. The contribution of pharmaceuticals companies in Bangladesh to
the national economy is encouraging. The investment in this sector is increasing which
speaks about the potentiality in this sector. This sector satisfies the demand of the local
market and also goes for export to explore the international market. Presently these
industries exporting medicines to more than 50 countries of the world. Hence, the present
study is initiated Profitability of Listed pharmaceuticals Companies: An Inter and Intra
Comparison of Ambee and Ibn Sina pharmaceuticals companies in Bangladesh with three
(03) years accounting period from 2005-2007. The study reveals that, AMBEE
Pharmaceuticals Ltd (AMBPH) should be considered as satisfactory its indicators of
profitability higher than the industry average, except average operating profit ratio and
average net profit ratio. On the other hand IBN SINA Pharmaceuticals Ltd (IBN SINAPH), it
has not been able to attain the industry average gross profit, operating profit, return on
investment, return on capital employed and return on equity. But it has succeeded to attain
the standard norm for these ratios. Therefore its profitability may be considered to some
extent satisfactory. It can be concluded that the profitability of pharmaceutical companies is
very much satisfactory as both of the companies according to the standard norms of
profitability in terms of investment.
Keywords: Profit; Profitability; Pharmaceuticals industry.
JEL Classifications: M41
Prelude :
Profit is the primary objective of a business. In view of the heavy investment
which is necessary for the success of most enterprises. Profit in the accounting
sense tends to become a long term objective which measures not only the
success of a product, but also of the development of the market for it. It is
*
Nimalathasan, B., Lecturer, Department of Commerce, Faculty of Management Studies &
Commerce, University of Jaffna, SriLanka, & Ph.D Research Scholar, Department of
Management Studies, Faculty of Business Administration, University of Chittagong, Chittgong –
4331, Bangladesh.
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Nimalathasan B., Profitability of Listed Pharmaceutical Companies in Bangladesh: An Inter & Intra Comparison of
Ambee & IBN Sina Companies / Annals of University of Bucharest, Economic and Administrative Series, Nr. 3
(2009) 139-148
determined by matching revenue against cost associated with it. In the matching
process only those costs are placed against revenue, which have contribution in
the generation of such revenue. Profits are the primary motivating force for
economic activity. Profits are the report card of the past, the inventive gold star
for the future. If an enterprise fails to make profit, capital invested is eroded and
if this situation prolongs the enterprise ultimately ceases to exist. Profits are the
soul of the business without which it is lifeless. In fact, profits are useful
intermediate beacon towards which a firm’s capital should be directed. Perhaps
the most important reason for keeping accounts as far as the management of the
business of testing its pulse and of indicating when and where remedial action,
if necessary shall be taken. Profit is a signal for the allocation of resources and a
yardstick for judging managerial efficiency. It is wrong to believe that the
importance given to profit planning is the literature on business finance does not
reflect its genuine importance in the financial activities of a modern business
firm. In fact, it is the growth of profits which enables a firm to pay higher
dividends to its ordinary shareholders.
Profit and profitability are two different terms. Profit is an absolute
measure of earning capacity, while profitability is relative measure of earning
capacity. Profit is defined as “Excess of return over outlay” (Iyer, 1995), while
profitability is defined as “the ability of a given investment to earn a return from
its use” (Iyer, 1995). On the other hand Banarjee (1976) defined profitability as
profit earning capacity of a product, process, plant or undertaking. It is
expressed through the determination of relationship between profit and some
other variables. The word “profitability” is composed of two words ‘profit’ and
‘ability’. The word ‘profit’ has already been defined in a number of ways earlier
but the meaning ‘profit’ differs according to the use and purpose of the figure.
The term ‘ability’ reflects the power of the enterprise to earn the profits. The
ability is also referred to as ‘earning power’ or ‘operating performance’ of the
concerned investment. Thus, the word ‘profitability’ may be defined as the
ability of a given investment to earn a return from its use. The state of
profitability is a variable thing like the temperature and humidity of a day.
Hence, the present study is initiated Profitability of Listed
pharmaceuticals Companies: An Inter and Intra Comparison of Ambee and Ibn
Sina pharmaceuticals companies with five (03) years accounting period from
2005-2007.
Literature Review of the Study:
Weidenfeld & Nicholson (1970) concerned profit as a reward to owner of
capital but with the return to capital as an objective of a firm’s activities.
Weston (1978) mentioned that profits are the test of efficiency and a measure of
control, to the owners, a measure of the worth of their investment, to the
creditors the margin of safety, to the employees a source of fringe benefits, to
Nimalathasan B., Profitability of Listed Pharmaceutical Companies in Bangladesh: An Inter & Intra Comparison of
Ambee & IBN Sina Companies / Annals of University of Bucharest, Economic and Administrative Series, Nr. 3
(2009) 139-148
141
the Government a measure of taxable capacity and the basis of legislative
action; to the country profits are an index of economic progress, national
income generated and rise in the standard of living. According to Pandy (1979)
recent experience in countries with totally planned economies indicates that
economists are probably right in emphasizing the importance of overall
profitability as a criterion for the efficient operation of an enterprise.
On the other hand, Walstedt (1980) in his book entitled “State
Manufacturing Enterprises in a Mixed Economy: Turkish case” stated that
profitability of an enterprise can be ascertained, if profit is analysed in terms of
sales and investment. The return on sales, return on investment, and return on
equity are the main measure of profitability. Schmalensee (1987) stated that to
determine whether systematic changes in intra-industry profitability occurred
over time so as to distinguish between an efficiency story and a collusion story
about why concentrated industries had higher profit rates than other industries.
Further, he found that large firms in general were more profitable than small
firms within the same industry.
Velnampy & Nimalathasan (2007) indicated that sales are positively
associated with profitability ratios except return on investment, and numbers of
depositors are negatively correlated to the profitability ratios except return on
equity, Likewise, number of advances is also negatively correlated to the return
on investment, and return on average assets in Bank of Ceylon. Further they
(2008) pointed out there is a positive relationship between Firm size and
Profitability in Commercial Bank of Ceylon Ltd, but there is no relationship
between firm size and profitability in Bank of Ceylon. Sexton & Kasarda.
(2000) found that firm profitability was correlated with sustainable growth,
while Chandler and Jensen (1992) found that sales growth and profitability were
not correlated.
Based on the above literatures, we can say that various studies have been
done on this area, but a detailed and comprehensive study has not yet been
conducted in Bangladesh context, especially in pharmaceutical companies.
Hence, the present study is initiated Profitability of Listed pharmaceuticals
Companies: An Inter and Intra Comparison of Ambee and Ibn Sina
pharmaceuticals companies with three (03) years accounting period from 20052007.
Objectives of the Study:
The main objective of the study is to compare (an inter and intra) the
profitability of pharmeutical companies. To achieve main objective, the
following specific objectives are taken for the study effectively.
1. To identify the indicators of profitability of the pharmeutical
companies over the 03 years during 2005- 2007.
2. To recognize the profitability.
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Nimalathasan B., Profitability of Listed Pharmaceutical Companies in Bangladesh: An Inter & Intra Comparison of
Ambee & IBN Sina Companies / Annals of University of Bucharest, Economic and Administrative Series, Nr. 3
(2009) 139-148
Material and Methods:
Sampling Design
The samples have been selected purposively so that these can represent the
industry. A total of two pharmaceutical (IBN SINAPH & AMBPH) companies
have been selected and these companies have sufficient credential for being the
representative of this industry in terms on investment, sales, earning income,
value addition, employment etc. It was a convenience sample.
Sample companies and activities
The IBN SINA Pharmaceutical Industry Ltd. (IBN SINA PH)
The IBN SINA Pharmaceutical Industry Ltd was founded in 1983 in a campus
of about 15 acres of land, about 56 km away from Dhaka city. The Industry was
established by the Board of Trustee as a private limited company. Then it was
converted into a public limited company in 1989. The commercial production
was started in May 1986 with only few standard finished pharmaceutical dosage
forms. Since the beginning IBN SINAPH was committed to provide high
quality healthcare services in Bangladesh and within a very short period of time
it fulfilled its commitment. It has also occupied a very prestigious position in
the pharmaceutical field of Bangladesh for its quality and ethical standard. This
is to mention here that wherever its medicines have been tested, both in local
and foreign laboratories, it passed all parameters of quality standards. Now IBN
SINA PH is expanding its business arena internationally across the world and
has already started exporting.
The company is always devoted to ensure the high quality of medicines
by implementing state of art technologies and modern machineries. The IBN
SINA PH Ltd has become a reputed pharmaceutical company in Bangladesh
with sufficient expertise and experiences. At present, it is producing about 188
different dosage forms ranging tables, capsules, liquids, injection – ampoule,
vials, ophthalmic eye drops, ointment, external ointment and creams, dry syrup,
paediatric drops, powder sachets etc.
AMBEE Pharmaceutical Industry Ltd (AMBPH)
AMBEE PHARMACEUTICALS LTD was established in 1976 in
Bangladesh. This public limited company was registered under the companies
Act, 1913 and was incorporated in Bangladesh on 4th February 1976. AMBPH
has a joint venture with a famous multinational company Medimpex of
Hungary. It started its operation with a number of modest 17 joint ventured
products and is now running in full swing with 76 products. It has tablets,
capsules, liquids, gel and injectables. Its operational area covers all Bangladesh
Nimalathasan B., Profitability of Listed Pharmaceutical Companies in Bangladesh: An Inter & Intra Comparison of
Ambee & IBN Sina Companies / Annals of University of Bucharest, Economic and Administrative Series, Nr. 3
(2009) 139-148
143
with a large number of field force who strive hard to establish the demand of
products of the company in every corner of the country. The company maintains
four depots located at Khulna, Bogra, Chittagong and Sylhet, besides its
National Distribution Cell in Dhaka.
AMBPH aim is to achieve business excellence through quality by
satisfying customer expectations. It follows Quality Management System to
ensure consistent quality of products. In 2001 AMBPH Pharmaceuticals Ltd
became an ISO 9001 certified company. ISO 9001 certificate is the international
recognition of the quality management system of this organization that complies
with the standard of ISO 9001 system. This certificate was awarded by United
Registrar of Systems Ltd (URS) of UK. In Bangladesh among 250
pharmaceutical companies only few have become ISO 9001 certified and
AMBPH is one of them.
Data Collection:
The secondary data were used for the present study. The data were collected
from the hand books of listed companies published by Chittagong Stock
Exchange (CSE) and, annual reports of companies, journals, and books etc. A
period of three years has been considered representative as supported by many
researchers (Lyles, Baird, Orris &Kuratko, (1993); Venkatraman & Raman jam,
(1986))
Measures:
Secondary data were used to measure the indicators which are related to
profitability. Here indicators of profitability such as, Gross profit Ratio (GPR);
Operating Profit Ratio (OPR); Net profit Ratio (NPR); Return on investment
(ROI); Return on Equity(ROE), Return on Capital Employed (ROCE); Return
on Equity (ROE) were taken into account for the study.
Reliability and Validity:
The reliability value was 0.881 for indicators of profitability. Crobach’s alpha
more accurate Nunnally & Bernstein’s (1994) recommendation of 0.7 and
Bagozzi & Yi’s (1988) of 0.6 hence, the variables are highly reliable for data
analysis. Regarding validity, all information was collected from annual reports
of each sample companies. The reports were audited by chartered accountants
and also these companies are listed CSE in Bangladesh. Therefore, the
researcher satisfied with the content and construct validity, then it was decided
to continue the analysis. The average values of each item were considered for
the purpose of ratio computation and analysis.
Results and Discussions:
An inter and intra comparison of profitability of the pharmaceutical companies
is measured in terms of the important ratios such as, (A) Gross profit Ratio
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Nimalathasan B., Profitability of Listed Pharmaceutical Companies in Bangladesh: An Inter & Intra Comparison of
Ambee & IBN Sina Companies / Annals of University of Bucharest, Economic and Administrative Series, Nr. 3
(2009) 139-148
(GPR); (B) Operating Profit Ratio (OPR); (C) Net profit Ratio (NPR); (D)
Return on investment (ROI); ((E) Return on Capital Employed (ROCE); (F)
Return on Equity (ROE).
(A) Gross Profit Ratio:
Gross profit represents the excess of sales over the cost of goods sold. It depicts
the purchasing efficiency of an enterprise. Gross profit ratio is found by
dividing the gross profit by the net sales and the quotient is usually expressed in
percentage. The higher the gross profit ratio, the better the purchasing efficiency
of the enterprise and also a high ratio of gross profits to sales is a sign of good
management as it implies that the cost of production of the firm is relatively
low. But a relatively low gross margin is definitely a danger signal. The gross
profit ratios of the companies for the study period have been shown in the table 1.
Table 1
Gross Profit Ratios of the Selected Companies (in %)
Year
Name of
the Company
2005
2006
2007
Average
Standard
Deviation
Co-efficient
Variation
IBN SINAPH
35.04
36.28
36.09
35.92
0.46307
0.214
AMBPH
46.79
52.80
42.99
47.53
4.94632
24.466
Table 1 show that the gross profit of the IBN SINA PH was 35.04%, 36.28%,
and 36.09% during the period from 2005 to 2007, which showed a downward
trend from 2006 to 2007. Similarly AMBPH’ gross profit was 46.79%, 52.80%,
42.99% during the period from 2005 to 2007.These companies gross profit also
showed a downward trend from 2006 to 2007. It is not a good sign for the
companies as it is one of the main factors which affect the profitability of the
company. This is perhaps due to competition in the market and slow growth in
the economy of the country. The average gross profit ratio of AMBPH is
47.53%, which is high percentage compare with IBN SINA PH and also
variation of gross profit over the years is negligible (highest variation over the
years is 24.466) which speaks about the stability of gross profit earning of this
sector.
(B) Operating Profit Ratio:
Operating profit refers to the profit of an enterprise. Which is obtained after
deducting all operating expenses from gross profit. Operating expenses include
all administration, selling and distribution expenses but not the expenses
borrowing funds and taxes paid to the government. Therefore, it represents the
overall earnings of an enterprise and one can get a clear idea about the
efficiency of an enterprise from its operating profit ratio. The higher the
Nimalathasan B., Profitability of Listed Pharmaceutical Companies in Bangladesh: An Inter & Intra Comparison of
Ambee & IBN Sina Companies / Annals of University of Bucharest, Economic and Administrative Series, Nr. 3
(2009) 139-148
145
operating profit ratio, the better is the overall efficiency of the enterprise.
Weston and Brigham (1969) suggested that 4% - 6% of operating profit is
considered norm for the purpose of comparison and control. The operating
profit ratios of the sample companies are shown in table -2.
Name of
the Company
Table 2
Operating Profit Ratios of the Selected Companies (in %)
Year
Standard
Co-efficient
2005 2006
2007 Average
Deviation
Variation
IBN SINAPH
8.17
4.45
4.41
5.68
2.16
4.663
AMBPH
8.5
10.0
6.9
8.47
1.55
2.403
According to table 2 IBN SINAPH’s operating profit showed a downward
trend from 2005 to 2007. This showed effort of the management to control
operating expenses had been more or less successful. But in AMBPH’s operating
profit showed an upward from 2005 to 2006 (1.5%) then suddenly downward
from 2006 to 2007 (3.1%). The AMBPH’s average operating profit is 8.47%, it
was high percentage compare with IBN SINA PH, and also neglible variation of
2.403 % in AMBPH and 4.663% in IBN SINAPH indicate extremely desirable
position. It helps to ascertain the operational efficiency of the management.
(C) Net Profit Ratio:
This ratio is also known as profit margin. The earnings in terms of sales can be
assesses through the profit margin ratio which is calculated by dividing the
earnings before interest and taxes by sales and the quotient is multiplied by 100
to express it in percentage. This ratio is widely used as a measure of overall
profitability and is very useful to proprietors. There is also no fixed norm of
judging the net profit ratio. But Mohsin (1970) considered that a profit margin
ratio with 4% to 6% is termed as the standard norm for any industrial enterprise.
The net profit ratios of the sample companies are shown in table -3.
Table 3
Name
of the Company
Net Profit Ratios of the Selected Companies (in %)
Year
Standard
2005
2006
2007
Average
Deviation
Co-efficient
Variation
IBN SINAPH
6.13
3.56
3.55
4.41
1.49
2.210
AMBPH
2.10
2.25
2.23
2.19
.081
.007
From the table 3 the net profit ratio of the IBN SINAPH showed
decreasing trend from 2005 to 2007, but it shows better profit margin than the
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Nimalathasan B., Profitability of Listed Pharmaceutical Companies in Bangladesh: An Inter & Intra Comparison of
Ambee & IBN Sina Companies / Annals of University of Bucharest, Economic and Administrative Series, Nr. 3
(2009) 139-148
AMBPH during the periods and also AMBPH net profit margin remained less over
the years. However, the stability condition of AMBPH with a variation of .007.
(D) Return on Investment:
It is computed by dividing net profit after interest and taxes by the investment
(net worth) and the quotient is expressed in percentage. Weston & Brigham
(1969) suggested that a return of 13% to 15% on net worth should be
considered as standard for industrial enterprises. The return on investment of the
selected companies is given below.
Table 4
Return on Investment of the Selected Companies (in %)
Year
Standard
2005
2006
2007
Average
Name
Deviation
of the Company
IBN SINAPH
27.32
15.19
19.17
20.56
6.18
AMBPH
32.58
48.85
49.30
43.58
9.52
Co-efficient
Variation
38.23
90.746
From the table 4, it is found that the return on investment of the IBN
SINA PH was 27.32%, 15.19%, and 19.17% during the period from 2005 to
2007, which showed a upward trend from 2005 to 2006, the a downward trend
from 2006 to 2007. Even though, AMBPH’s return on investment was 32.58%,
48.85%, and 49.30% during the period from 2005 to 2007, which showed an
upward trend over the years. Average of the return on investment in AMBPH is
43.58%, which is remarkable in the stability position.
(E) Return on Capital Employed:
This ratio is calculated by dividing net profit after interest and taxes by capital
invested and the quotient is expressed in terms of percentage. Capital employed
represents the sum of net tangible fixed assets and net current assets. A return of
11% to 12% on capital employed may be considered standard norm for industrial
undertaking as envisaged in the forty-five years plan of India. Table-5 represents
the return on capital employed ration of the samples for the study period.
Table 5
Return on Capital Employed of the Selected Companies (in %)
Year
Standard
Co-efficient
2005 2006
2007 Average
Name
Deviation
Variation
of the Company
IBN SINAPH
27.32
15.91
20.64
21.29
5.73
32.864
AMBPH
32.58
48.85
49.30
43.58
9.52
90.746
Above table -5 shows that the return on capital employed of various years
was satisfactory but it showed a decreasing trend from 2005 to 2006 and an
Nimalathasan B., Profitability of Listed Pharmaceutical Companies in Bangladesh: An Inter & Intra Comparison of
Ambee & IBN Sina Companies / Annals of University of Bucharest, Economic and Administrative Series, Nr. 3
(2009) 139-148
147
upward trend from 2006 to 2007 in IBN SINAPH. However, in AMBPH’s
return on capital employed showed an increasing trend from 2005 to 2007? Still
both companies have maintained a satisfactory rate of return on capital employed.
According to the variation both companies may be considered tolerable.
(F) Return on Equity:
The return on equity is calculated to find the profitability of the owner’s
investment. The term shareholders equity includes (i) equity share capital (ii)
preference share capital (iii) reserves and surplus less accumulated loss. The
return on equity of the selected companies is given below.
Table 6
Return on Equity of the Selected Companies (in %)
Year
Name
of the Company
IBN SINAPH
AMBPH
2005
2006
2007
Average
Standard
Deviation
Co-efficient
Variation
8.67
1.01
4.36
4.68
3.84
14.746
44.84
44.83
47.97
45.78
1.64
2.679
From the table 6 the return on investment of the IBN SINAPH showed
decreasing trend from 2005 to 2007, It can be seen in AMBPH’s return on
investment is decreasing trend from 2005 to 2006 then increasing trend from
2006 to 2007. IBN SINAPH’ average return on equity is very less percent
(4.68%) compare with AMBPH companies.
Table 7
Average Profitability Ratio of the Selected Companies (in %)
Average
Average
Average
Average
Average
Gross
Net
Return on
Name of the
Operating
Return on
Company
profit
profit
Capital
Ratio
Investment
Ratio
Ratio
Employed
Average
Return
on
Equity
IBN SINAPH
35.92
5.68
4.41
20.56
21.29
4.68
AMBPH
47.53
8.47
2.19
43.58
43.58
45.78
Industry average
41.73
7.08
3.3
32.07
32.44
25.23
Table 7 shows that average of profitability indicators for AMBPH
companies are higher than the IBN SINAPH, except average net profit ratio and
also profitability of AMBPH should be considered as satisfactory as its
indicators of profitability higher than the industry average, except average
operating profit ratio and average net profit ratio. On the other hand IBN
SINAPH, it has not been able to attain the industry average gross profit,
operating profit, return on investment, return on capital employed and return on
equity. But it has succeeded to attain the standard norm for these ratios.
Therefore its profitability may be considered to some extent satisfactory.
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Nimalathasan B., Profitability of Listed Pharmaceutical Companies in Bangladesh: An Inter & Intra Comparison of
Ambee & IBN Sina Companies / Annals of University of Bucharest, Economic and Administrative Series, Nr. 3
(2009) 139-148
Conclusion:
According to Walker (1974) the return on investment should be considered as
the best measure of profitability. Further Velnampy (2005) also pointed out that
Return on investment is the most suitable ratio to measure the profitability In
view of above it can be concluded that the profitability of pharmaceutical
companies is very much satisfactory as both of the companies meet the standard
norms of profitability in terms of investment.
Limitations of the Study:
1. The study covered two pharmecutal companies, which is listed under
CSE in Bangladesh, in order to measure and compare the profitability.
2. The study has been conducted during the period from 2005 to 2007.
Any change made after this period has not been covered in this study.
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