Karachi: Citi Pharma Ltd. has released a detailed report on its annual progress for the period from January 1, 2024, to June 30, 2024. The report, submitted in compliance with the “Public Offering Regulations, 2017,” provides an in-depth analysis of the company’s financial activities and development initiatives. This disclosure is part of the post-issue reporting and is aimed at keeping investors informed about the company’s expansion progress.
The report highlights various segments of the company’s operations, including the Active Pharmaceutical Ingredient (API) Segment, Formulation Segment, and the Hospital Facility. According to the findings, Citi Pharma has invested Rupees 113.40 million and Rupees 183.40 million in the API and Formulation Segments, respectively. However, no investment has been allocated to the Hospital Facility during this period. The Board of Directors has approved these capital expenditures, ensuring that funds are utilized efficiently to drive growth and development.
Citi Pharma issued 72.69 million shares at a floor price of Rs. 28 per share, generating proceeds of 2.04 billion rupees. After deducting IPO expenses, the net proceeds amounted to 2.20 billion rupees. The company used these funds primarily for repayment of borrowings and working capital, with a net fund availability of 2.04 billion rupees. According to information available from the Pakistan Stock Exchange (PSX), the utilization of excess proceeds includes repayment of borrowings, which accounted for 19% of the total, and working capital, which made up 37%.
The report also outlines the specific allocation of funds across different segments. The API Segment saw an expenditure of 555.19 million rupees, with significant investments in civil works and procurement of plant and machinery. The Formulation Segment recorded a total spend of 557.63 million rupees, with funds directed towards civil works and machinery procurement. Meanwhile, the Hospital Facility required an allocation of 922.55 million rupees, although no funds were disbursed for this purpose by the end of June 2024.
Citi Pharma Ltd. remains committed to transparency and accountability, ensuring that all financial activities are in accordance with international standards on related services. The company continues to adhere to regulatory requirements, maintaining a system of quality control to uphold professional ethics and integrity.
The report serves as an essential tool for investors and stakeholders, providing a comprehensive overview of Citi Pharma’s financial position and strategic initiatives. As the company progresses with its expansion plans, it remains focused on leveraging its resources to achieve sustainable growth and enhance shareholder value in the designated market category.