Jamjoom Pharma posts 71% YoY higher profit in 2023

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Jamjoom Pharmaceuticals Factory Company (Jamjoom Pharma) logged a 70.68% year-on-year (YoY) jump in net profit to SAR 292.40 million in 2023 from SAR 171.31 million.

Revenues grew 20.09% YoY to SAR 1.10 billion last year from SAR 916.67 million, according to the annual financial results.

The earnings per share (EPS) soared to SAR 4.18 in 2023 from SAR 2.45 in 2022.

Fourth Quarter

During the fourth quarter (Q4) of 2023, Jamjoom Pharma’s net profit leapt more than 40% YoY to SAR 44.50 million from SAR 31.80 million a year earlier.

Revenues increased by over 6% to SAR 207.90 million in Q4-2023 from SAR 196.80 million.

Tarek Hosni, CEO of Jamjoom Pharma, stated: “It has been a journey filled with significant milestones, and I am immensely proud of what we have accomplished together. The trust and confidence demonstrated by our customers and stakeholders are a testament to the strength and resilience of Jamjoom Pharma.”

“As we continue on this exciting journey, I am confident that together we will achieve even greater success and solidify Jamjoom Pharma's position as a leader in our chosen markets,” Hosni said.

Jamjoom Pharma registered a 77.58% year-on-year (YoY) surge in net profit to SAR 247.90 million during the first nine months (9M) of 2023 from SAR 139.60 million.