Traphaco Pharmaceutical Joint Stock Company (TRA) plans to achieve revenue of VND2.6 trillion (US$110.9 million) and profit after tax of VND326 billion in 2023, up 8.4 per cent and 11.2 per cent, respectively compared to the previous year.

The information was released at the annual general meeting of shareholders held Friday in Ha Noi.

According to Traphaco, 2022 was a difficult year for the pharmaceutical industry, but Traphaco had adapted flexibly and recorded positive business results. Net revenue reached VND2.4 trillion, up 11 per cent, profit reached VND293 billion, up 11 per cent compared to 2021.

In 2022, Traphaco launched 16 new products and they quickly became important supporting factors for growth in the 2021-2022 period, with sales reaching VND74 billion, exceeding 54 per cent of the initial plan.

The most important goal of the company in 2023 is still keeping the No 1 position in the traditional medicine market, and improving production capacity.

Chung Ji Kwang, Chairman of the Board of Directors, said that Traphaco will continue to make efforts to complete the targets in 2023. Through extensive dialogue with all stakeholders, Traphaco will continue to maintain its leading position in the pharmaceutical industry in Viet Nam and strengthen trust in society.

For the over-the-counter (OTC) channel, the business leaders said that distribution activities in the OTC market were changing rapidly, pharmacy chain activities are increasingly playing a large role, and online sales of drugs and supplements developed very quickly and throughout the country.

For the ethical or prescription drugs (ETC) channel, the growth in 2023 is expected to increase by more than 17 per cent compared to the results in 2022, in the context that public hospitals still face difficulties in procurement and bidding activities. The company aims to preserve its current market share amid stiff competition.

Traphaco will also take advantage of growth opportunities, investing in the development of Methorphan, Cebraton, Tottri, Antot product groups, introducing new products, and launching at least 19 new products with target sales in 2023 of about VND36 billion.

At the meeting, Traphaco approved the dividend payment plan in 2022 at the rate of 30 per cent in cash. With 41.45 million shares outstanding, the company plans to spend about VND124 billion on this dividend. Implementation time is at the end of the second quarter of 2023. Dividend in 2023 is expected to remain at 30 per cent in cash, similar to 2022. — VNS