Citi Pharma Limited said that the Pakistani authorities have approved the layout plan of its Nutraceutical facility.

“We, on behalf of the management of Citi Pharma Limited, are very much delighted to share with the members of the company that Ministry of National Health Services Government of Pakistan has approved the layout plan of Nutraceutical facility of the company,” Citi Pharma said in its filing to the Pakistan Stock Exchange (PSX) on Friday.

Citi termed the approval as an achievement, adding that the addition of a new line of its product portfolio would increase in profit margin as it seeks to become the leading pharmaceutical national brand of the country.

Earlier in September, Citi Pharma said that it is planning to establish a multi-million dollar, wholly-owned, subsidiary in Uzbekistan.

Citi Pharma plans multi-million dollar subsidiary in Uzbekistan

The company informed that the said project shall be completed within one year. “The project will be undertaken at a total project cost of $3 million whereby Citi Pharma would contribute $1 million as equity while local/ international banks at Uzbekistan will provide a long-term debt of $2 million at subsidised rates.”

Back in June, Citi Pharma raised Rs2.32 billion in total, making it the second pharma sector IPO in 23 years.

IPO oversubscribed: Citi Pharma raises Rs2.32bn in book building

Citi Pharma has achieved revenue growth from Rs1,016 million in FY16 to Rs3,528 million in FY20, a 36.2% CAGR in 5 years. The company recorded Rs 4,015 million in sales during the nine months of FY21, surpassing last year’s sales.

The company is planning to expand its existing capacity of 3,600 tonnes per annum of paracetamol to 6,000 tonnes per annum. In addition, the company says it plans to add new APIs as well as a pharmaceutical formulation, or final products, to its existing product line.