Ibnsina Pharma records net revenues of EGP 7.6 bln, up 26.8% yoy

Doaa A.Moneim , Wednesday 7 Aug 2019

Ibnsina Pharma
The company recorded a net profit of EGP 103.2, representing a rapid bottom‐line expansion of 34.8 percent (y-o-y).
Ibnsina Pharma ,ISPH.CA on the Egyptian Stock Exchange (EGX), recorded net revenues of EGP 7.6 bln, up 26.8 percent (y-o-y), while the Gross profit expanded by 31.0 percent (y-o-y), reaching EGP 608.3 mln, while the gross profit margin went up twenty‐six basis points to record 8.06 percent for the first half of 2019 .
According to Ibnsina Pharma Results for 1H2019 which issued on Wednesday, EBITDA came in at EGP 299.1 mln in 1H2109, up 41.5 percent (y-o-y). Ibnsina Pharma’s EBITDA margin expanded by forty‐one basis points to reach 3.96 percent in 1H2019.
The company recorded a net profit of EGP 103.2 mln during the period, representing a rapid bottom‐line expansion of 34.8 percent (y-o-y).
Meanwhile, the company's net profit margin accelerated to 1.37 percent in 1H2019 from the 1.29 percent in the previous year. On a quarterly basis, Ibnsina Pharma’s revenues grew at 24.4 percent (y-o-y) to record EGP 3.8 bln.
In the same vein, quarterly gross profit expanded at 26.9 percent (y-o-y), reaching 315.5 mln and yielding a gross margin of 8.26 percent.
On the other hand, EBITDA grew by 26.5 percent (y-o-y) to register EGP 155.1 mln in the second quarter of 2019, with the quarterly EBITDA margin reaching 4.06 percent in 2Q2019. Net profit rose by 26.0% (y-o-y) to book EGP 60.5 mln in 2Q2019, while the net profit margin stood at 1.58 percent for the quarter.
"Egypt’s market for pharmaceuticals generated sales of EGP 52.4 bln during the first six months of 2019. This figure represented a year‐on‐year increase of 23.9 percent from the EGP 42.3 mln in sales generated during the first half of 2018. Retail sales continue to drive the overall expansion in Egypt’s pharmaceuticals market, with the country’s demographic, economic and epidemiological profiles providing a solid basis for sustained growth in the long run", the company said in a statement issued today.
"Industry levelS sold grew approximately by 11 percent (y-o-y) during the first half of 2019. Average selling price, which functions as a supply‐side adjustment mechanism in the absence of government intervention, rose by 13 percent ( y‐o‐y) during 1H2019, allowing suppliers to mitigate the effects of persistent inflation. Growth in pharmaceutical expenditures has been further boosted by an improving macroeconomic environment, with growth in gross domestic product averaging upwards of five percent in the years since FY2017/2018 and forecast to maintain this trend in the years to 2021", it added.
It also said that despite quickening economic growth and cooling inflation, Egypt’s per capita expenditure on pharmaceutical products continues to lag behind many regional peers, leaving substantial room for growth and attracting significant attention from foreign and domestic investors.
“Midway into 2019, Ibnsina is in clear sight of its strategic objectives for the year. We have leveraged the strength of our position in a vigorous market to maintain double‐digit top line growth of 26.8 percent (y-o-y) to EGP 7.6 bln," Co‐CEO of Ibnsina Pharma Omar Abdel-Gawad said.
Ibnsina Pharma announced that it would distribute a cash dividend of EGP 0.070 per share on 19 May 2019. The dividend, which amounts to a total of EGP 50.9 mln was approved by the Board of Directors and will be deducted from retained earnings for FY2018. 
According to the company statement, Ibnsina Pharma also distributed bonus shares, valued at approximately 0.1357 bonus shares per original share, while approximating fractions for minor shareholders.
A meeting with the Egyptian Stock Exchange’s Listing Committee, which was held on 27 June 2019, approved an increase to the company’s share capital proposed by the company’s Board of Directors. The company has gained assent to increase its issued and paid‐in capital to EGP 205 mln from EGP 180.5 mln, with an increase amounting to EGP 24.5 mln. This increase will be distributed over 98 mln shares at a price of EGP 0.25 per share.
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