Renata buying Tk 20cr land for expansion

Renata, one of the leading drug makers, is going to invest nearly Tk 20 crore in purchasing land as part of its expansion plans to cater to domestic and international markets.

The company said its board had decided to buy over two acres of land and a 74,082 square feet building from Sajida Foundation at Kaliakoir, Gazipur.

The purchase cost excludes registration, said Renata in a posting on Dhaka Stock Exchange (DSE).

"We are buying the land as part of our expansion," said Company Secretary Zubayer Alam. Renata shares declined 0.74 per cent to Tk 1,160 yesterday at the DSE.

The drug maker said its turnover rose 13 per cent to Tk 1,419 crore in the July-December period of the financial year 2020-21 from Tk 1,235 crore in the same period a year ago.

Meanwhile, its profit after tax increased 15 per cent to Tk 241 crore from Tk 209 crore.

Renata posted an increase in its earnings per share during the period.

With 10 manufacturing facilities in three locations, the pharma maker has also reported an 83 per cent year-on-year growth in exports and contract manufacturing to Tk 219 crore.