New Zealand-based AFT Pharmaceuticals Ltd (ASX:AFP) has reported a rise of 46 percent in net profit for the twelve months ended March 31, in addition to significant rises in operating revenue, product sales and in particular sales in overseas markets, which rose by 70 percent.
AFT’s net profit after tax at the end of the period was $15.6 million, while EBITDA (earnings before interest, taxes, depreciation, and amortization) was sitting at a record $26.2 million, a rise of 22 percent for the period, and operating profit rose 23 percent to $24.2 million.
The company’s operating revenue rose by 25 percent to $195.4 million, with this being boosted by improved sales and royalties across the board, and licensing income of $8,5 million.
AFT’s net debt was also lower in the period, positioned at $16.2 million, a drop from $29.9 million at the end of the 2023 Financial Year.
The year was also one in which a number of goals were achieved on the business front, with pain relief medication Maxigesic®IV launched in the United States in February 2024, having achieved approval from the FDA, and the Chinese launch of antiseptic cream Crystaderm® later this year well advanced.
Chair David Flacks said
“Today’s announcement underscores the strengths of AFT’s approach to international expansion and sustainable growth,” he said.
“We’ve benefited from growing demand for our products in both our home markets and further afield, reaping the rewards of careful and consistent investment into research and
development and the product pipeline.
“With the recent launch of the intravenous form of our Maxigesic® pain relief medicine in the US and the impending US launch of the line extension, the rapid dissolving tablet Maxigesic Rapid, our proprietary products are now positioned in a significant number of the world’s major healthcare markets.
“This achievement marks a significant milestone in our journey towards becoming a
truly global pharmaceutical company and it is a major achievement for an Australasian company.”
AFT has been trading at $2.46 cents.