The deregulation of prices may have resulted in a significant increase in revenues for The Searle Company, but losses widened as costs continued to skyrocket for the company.
The company reported a 14% year-over-year increase in revenue, reaching Rs29.4 billion in the financial year ending June 30, 2024, up from Rs26.2 billion in the previous financial year. This growth was primarily driven by price increases following the deregulation of non-essential drugs and a one-time price hike for essential medications. Despite the revenue boost, Searle posted a significant loss of Rs2.3 billion for the year, translating to a loss of Rs4.46 per share. This marks a substantial decline from the previous year’s loss of Rs0.6 billion.
On a positive note, gross margins improved to 47.4% from 41.3% in fiscal 2023, reflecting the impact of price adjustments and operational efficiencies. The company’s export business contributed 11% to total sales, with products now reaching 12 countries. The content in this publication is expensive to produce. But unlike other journalistic outfits, business publications have to cover the very organizations that directly give them advertisements. Hence, this large source of revenue, which is the lifeblood of other media houses, is severely compromised on account of Profit’s no-compromise policy when it comes to our reporting. No wonder, Profit has lost multiple ad deals, worth tens of millions of rupees, due to stories that held big businesses to account. Hence, for our work to continue unfettered, it must be supported by discerning readers who know the value of quality business journalism, not just for the economy but for the society as a whole.To read the full article, subscribe and support independent business journalism in Pakistan
