Saudi: Jamjoom Pharma secures funding to back JV in Algeria

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The loan will support the company’s joint venture in Algeria

Mubasher, Mubasher

January 22, 2024

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Riyadh – Jamjoom Pharmaceuticals Factory Company (Jamjoom Pharma) has secured a short-term revolving banking facility from the Bank of NATIXIS Algeria with a total amount of DZD 1.30 billion (SAR 36.20 million).

The loan will support the company’s joint venture (JV) in Algeria, according to a bourse disclosure.

Under the Algerian law, the firm will be guaranteeing DZD 637 million (SAR 17.70 million).

During the first nine months (9M) of 2023, Jamjoom Pharma recorded 77.58% higher net profits after Zakat and tax at SAR 247.90 million, compared to SAR 139.60 million in 9M-22.

Revenues hiked by 24.06% to SAR 893 million in 9M-23 from SAR 719.80 million in 9M-22, while the earnings per share (EPS) increased to SAR 3.54 from SAR 1.99.

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