Ibnsina Pharma Egypt’s fastest-growing and second-largest pharmaceutical distributor, achieved EGP 9.4bn net revenues in the first nine months of 2018 (9M18), marking an increase of 40.5% year-over-year (y-o-y), according to the financial results released on Sunday.
Moreover, the company’s gross profit for the same period climbed by 35.1% y-o-y to reach EGP 807.8m, representing a gross profit margin of 8.6%.
The 9M18 saw earnings before interest, tax, depreciation and amortization (EBITDA) grow at a rapid 38.1% y-o-y to record EGP 407m, yielding an EBITDA margin of 4.3%.
The operating profit witnessed 56.2% increase to record EGP 294.3m, with the company’s operating profit margin expanding to 3.1% in 9M18 from 2.8% in 9M17.
Furthermore, the statement indicates that net profit grew by 31.6% y-o-y to reach EGP 188.3m in the same period, despite one-off charges of EGP 42m incurred during the 9M18. Normalised net profit, which factors out these charges, rose by 57.6% y-o-y to post EGP 231.1m in 9M18.
“As we approach the final months of 2018, Ibnsina Pharma can look back on what has been a remarkable year following our December 2017 listing,” said Omar Abdel Gawad, Co-CEO of Ibnsina Pharma.
Regarding revenues, the company achieved 31.9% y-o-y increase to record EGP 3.5bn on quarterly basis. While gross profit grew 26.1% y-o-y to EGP 343.5m. The gross profit margin stood at 9.9% for the third quarter (Q3) of 2018.
Moreover, EBITDA grew by 20.3% y-o-y during the period to record EGP 196.9m, representing an EBITDA margin of 5.7% for Q3 of 2018.
Ibnsina’s operating profit grew 28.3% y-o-y during the period to record EGP 156m representing an operating profit margin of 4.5%. Meanwhile, net profit for Q3 of 2018 was up 26.6% y-o-y to post EGP 113.2m, with the net profit margin standing at 3.2%.
Mahmoud Abdel Gawad , CO-CEO of Ibnsina Pharma said that the company pursues all means it can employ, to profitably foster the market share, while enhancing the client experience above all else.
The 9M18 saw Ibnsina Pharma serve 42,297 customers across Egypt and make 6.6m deliveries, up 26.6% y-o-y.