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Rameda reports 24% YoY leap in profits in 9M
Tenth of Ramadan for Pharmaceutical Industries and Diagnostic Reagents (Rameda) recorded a 24% YoY jump in net income in the nine months ending in September to EGP EGP 244.0 million despite challenging market conditions — including the March currency devaluation, delays in market repricing, and limited FX availability that constrained pharmaceutical production, it said in an earnings release sent to Claps. |
Revenues:
During 9M 2024, the company’s topline grew by 28.5% YoY to EGP 1.784 billion on the back of a 41.6% increase in private sales revenue, alongside an 11.3% increase in toll manufacturing sales.
Remember, the company has been making moves:
Late last month, Rameda announced plans to earmark EGP two billion toward financing new product acquisitions. The company is currently in talks to obtain 10-15 new pharmaceutical products in line with its strategy to boost exports.
In September, Rameda finalized its largest acquisition yet, purchasing a leading product for the treatment of type 2 diabetes. The product ranks first in terms of units sold with a 9% market share within the new generation oral antidiabetics market, which is valued at over EGP 6.7 billion.
Earlier that same month, Rameda announced the establishment of its new subsidiary Glow, which will specialize in the development and production of freely priced cosmetics and cosmeceuticals.
Rameda says its new subsidiary’s operations will allow it to tap into high-growth markets and generate substantial returns with minimal capex expenditure.
And has been performing very well:
The company saw its share value soar to an over three-month high in August — reaching EGP 2.47 apiece — following approval from the Egyptian Drug Authority to hike the prices of 22 of its pharma products by between 40-50%.
Going forward:
“As the year progresses, we will fully benefit from recent price adjustments, marking a turning point after a challenging period. This shift is set to drive substantial improvements in profitability, margins, and volume growth. The Company is actively exploring high-potential product launches and acquisition opportunities, particularly within chronic segments and free-pricing frameworks, along with new ventures beyond our local borders to diversify our revenue streams and bolster the resilience of our business model,” Rameda’s CEO said. |
Elsewedy Electric recorded a 61% YoY rise in net profit during the first nine months of the year to EGP 14.35 billion. |
Revenues:
The company’s top line surged 51.4% YoY during the period to reach EGP 164.82 billion. Remember, the company had a historic 1H:
Elsewedy reported all-time highs revenues and profits in the first half of the year, raking in over EGP eight billion in net income after minority interest during the six months ending in June The company’s top line surged 47.4% YoY during 1H 2024 to reach EGP 102.6 billion on the back of currency translation effects and boosted income across all segments. |
Transport and logistics firm Egytrans saw its bottom line grow more than 423.6% YoY in the first nine months of the year, raking in EGP 197.14 million. |
Revenues:
The company also more than doubled its revenues during the period, bringing in EGP 580.3 million compared to EGP 276.15 million during the same period of 2023.
Remember, a KSA expansion is in the works:
Late in December, the company finalized an agreement with Saudi-based investment firm Links Investment to establish a limited liability company with a total capital of SAR 10 million in KSA.
And domestically:
The firm also revealed its intention to acquire a 99.9% stake in the trucking company National Transport and Overseas Services Company (NOSCO).
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GB Corp recorded a 40% YoY growth in net profits to EGP 1.9 billion in the first nine months of the year. |
Revenues:
Revenues also surged by 81.3 % YoY to EGP 35.4 billion.
Comes after a strong 1H:
The firm reported a 68.5% YoY surge in net income to EGP 1.1 billion in the first six months of the year.
Remember, the firm will roll out a new locally manufactured car soon:
In June, GB Auto subsidiary Itamco said it is teaming up with Helwan Company for Machinery & Equipment to assemble and locally manufacture Indian Bajaj’s Qute car model. |
Atlas for Investment and Food Industries saw its net losses rise 539% YoY during 9M 2024 to EGP 4.3 million. Compared to a topline growth of EGP 3.84 million in 9M 2023, the firm reported no revenues this time around. |
There is a big project planned though:
In October, the company’s board signed a development contract in partnership with Better Home Real Estate Investment on a real estate project — in which Atlas will hold a 33% share — that is expected to generate revenues of EGP 5.2 billion.
And plans to acquire a majority stake in the company:
The Financial Regulatory Authority (FRA) noted in September that Amoun for Real Estate and Tourism submitted a mandatory tender offer (MTO) to snap up a 65.59% stake in Atlas.
Per the offer, Amoun must purchase at least 51% of the target company with a maximum acquisition cap of 90%. Amoun is planning to buy approximately 427.2 million shares of Atlas at EGP 0.78 per share, valuing the company at approximately EGP 333.221 million. |
What else is clapping?
- Housing and Development Bank reported a 98% YoY leap in net profits during the nine months ending in September, accumulating EGP 9.4 billion. The bank’s interest revenues rose 70.24% YoY during 9M to EGP 20.48 billion.
- In non-EGX news The Central Agency for Public Mobilization and Statistics (CAPMAS) announced on Thursday that the unemployment rate in Egypt during Q3 2024 reached 6.7% of the total labor force, up 0.2% from the previous quarter.
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