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Rameda completes its largest acquisition to date
Tenth of Ramadan for Pharmaceutical Industries and Diagnostic Reagents (Rameda) yesterday announced the acquisition of a leading antidiabetic product for the treatment of type 2 diabetes.
This marks Rameda’s largest acquisition to date and is in line with its target to expand its portfolio of high-margin, recurring-revenue products in chronic therapeutic areas, it said in a statement sent to Claps. |
The details:
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.. Remember, the company has been making moves:
Earlier this 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:
Last month, the company saw its share value soar to an over three-month high — 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%.
Rameda recorded a 26% YoY growth in net income to EGP 63.5 million in 2Q24, and saw its revenues increase by 25.4% YoY to EGP 564.9 million during the same period. |
Egyptalum more than doubles its profits in FY 2023-24
Egypt Aluminum (Egyptalum) reported its financial results for the past fiscal year, recording a 152.6% YoY increase in net income to EGP 9.32 billion. |
Revenues:
The company also grew its topline 48.86% YoY to EGP 32.81 billion during the period.
The company has very big plans ahead:
The company plans to implement 4 projects with investments of up to USD 6 billion in partnership with local and foreign investors that will be completed in between two to three years once funding is secured.
Focused export strategy:
The company plans to allocate 60% of its total annual production of 300,000 tons for international markets under plans to increase its export revenues to USD 540 million during the current fiscal year.
Egyptalum’s exports reached about USD 415 million in 1H 2024, marking a 10% YoY increase.
The company is also in “serious discussions” with Germany’s Achenbach for an investment opportunity on its USD 100 million aluminum foil production project.
And more shares to be offered up on the EGX:
Earlier this week, Public Enterprises Minister Mohamed El Shimi noted the government has started taking steps to sell additional shares in the company on the Egyptian stock exchange. |
What else is clapping?
Emirati sovereign wealth fund ADQ will start construction on its USD 35 billion Ras El Hekma project on Friday, Al Arabiya reports. The initial stage of the project will span 10,000 feddans and is expected to be completed in three years time.
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