IMP – Growth prospects in 2H2024
• In 1H2024, IMP reported net revenue of VND 1,008 bn (USD 40 mn; +10% YoY) and pre-tax profit of VND 161 bn (USD 6 mn; -19% YoY). IMP continued growing its ETC channel (in line with its strategy) and expanded sales to pharmaceutical retail chains. Production volume at high-standard plants also saw an increase.• However, operational efficiency showed a contrasting trend with revenue, recording a YoY decline, due to: 1) IMP recorded production costs from the IMP4 plant which began operations in 3Q2023; and 2) the input prices of Active Pharmaceutical Ingredients (API) increase 3% YoY.
• We believe investors can expect strong growth in revenue and profit in 2H2024. For 2024, we project IMP's net revenue to reach VND 2,201 bn (USD 87 mn; +10% YoY) and NPAT to reach VND 306 bn (USD 12 mn; +2% YoY).
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