Three local firms make it to Forbes’ best under $1b list

Three Bangladeshi companies have made it to Forbes' list of "Asia's 200 Best Under A Billion".

Two of the entities that came up in the list of the American business magazine are drug-makers Square Pharmaceuticals and Renata.

The third firm is Fortune Shoes, which mainly exports to Europe, according to the list that highlights 200 Asia-Pacific public companies with sales under $1 billion.

These companies have track records of exceptional corporate performance, with one Covid-19 caveat: the list is based on full-year data as of July 7, and does not fully reflect the impact from the pandemic-led downturn, said Forbes.

The magazine said Square Pharmaceuticals, one of the leading drug makers in Bangladesh, has sales of $512 million and a net income of $150 million. The market value of the publicly listed company is $1,716 million.

The pharmaceutical company posted 17 per cent higher sales year-on-year to Tk 52.93 billion in the fiscal year of 2019-20.

Its exports earnings have also grown. The drugmaker posted nearly 23 per cent higher profits in its last financial year.

The magazine reported Renata's sales at $271 million and net income $45 million. Renata's market value was reported at $1,071 million.

Renata's turnover grew 9 per cent year-on-year to Tk 24.16 billion in the financial year 2019-20.

Also listed on the stock exchange, the company recorded 8 per cent growth in its profit after tax, according to its annual report.

Fortune Shoes, based mainly in the southern division of Barishal, was reported to have sales worth $18 million while net income $3 million. The list said its market value was $28 million.

Fortune has 5,000 workers, and it exports leather boots to the European market.

"It is good news to know that we are in the list," said Mizanur Rahman, managing director of Fortune Shoes, in an immediate reaction.

"We are honoured to be named along with two other Bangladeshi companies," said Ananta Saha, international business manager of Renata Ltd.

Forbes said the companies on this list have scored above their peers in a composite ranking that includes sales and profit growth, low debt levels and robust governance.

The criteria also ensured a geographic diversity of companies from across the region. By using metrics both quantitative and qualitative, the final list of 200 is truly a select group, it added.

"This list is meant to identify companies with long-term sustainable performance across a variety of metrics," it said.

   The 200 companies made the cut out of 18,000 publicly traded companies in the Asia-Pacific region with annual revenues above $10 million, but below $1 billion, it said.