Jamjoom Pharma reports 78% net profit growth to SAR 248 million in 9M 2023

Jamjoom Pharma reported a strong set of results with 77.6% YoY growth in net profit to SAR 247.9 million for 9M 2023. This strong performance was driven by revenue growth of 24.1% to SAR 893.0 million and operating profit margin expansion by 3.3ppts YoY on higher efficiencies in production and operating expenses. EBITDA of SAR 290.3 million for 9M 2023 was up 35.3% YoY, while EBITDA margin improved by 2.7ppts to 32.5%. Following the conclusion of the investment cycle for two new production facilities, CAPEX in 9M 2023 reduced by 48.8% year on year to SAR 37.0 million, which resulted in 21.0ppts increase of FCF conversion ratio to 87.3% and 78.1% growth of FCF to SAR 253.3 million.

Dr. Tarek Hosni, Chief Executive Officer of Jamjoom Pharma, commented on 9M 2023 results: “Jamjoom Pharma delivered a strong performance in 9M 2023, with revenue rising 24.1% to SAR 893.0 million driven mainly by volume growth, supported by price increases and new product launches. EBITDA rose to SAR 290.3 million and our industry-leading EBITDA margin expanded further to 32.5%. While our top five brands continue to witness double-digit sales growth, we have added 10 new brands to the portfolio since the beginning of the year, including 3 brands in 3Q 2023.

Another key milestone achieved during this quarter is that the new Egypt production facility is now operational. Furthermore, we expect the launch of the Jeddah Sterile facility within the coming months.

Additionally, our recent investment in Algeria, signifies our commitment to deepen our footprint in North Africa. The acquisition of this facility from Sandoz has paved the way for introducing innovative products tailored to the Algerian market, and we are enthusiastic about the potential growth opportunities that lie ahead.

Our people continue to be the cornerstone of our achievements. Their dedication and resilience drive our progress forward. We are grateful for their commitment and their leadership.

Our strategic efforts are yielding positive results. As we witness momentum across our business areas and see our regional expansion progressing, we are confident in our capacity to bring local solutions to MEA healthcare markets and deliver consistent value to our stakeholders.”