Jamjoom Pharma registers $27.4mln net profits in Q1-24

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Jamjoom Pharmaceuticals Factory Company (Jamjoom Pharma) achieved 22% year-on-year (YoY) higher net profits at SAR 102.96 million in the first quarter (Q1) of 2024, versus SAR 84.40 million.

Revenues amounted to SAR 385.46 million in January-March 2024, an annual surge of 28.12% from SAR 300.85 million, according to the interim financials.

Earnings per share (EPS) grew to SAR 1.47 in the first three months (3M) of 2024 from SAR 1.20 in Q1-23.

On a quarterly basis, the Q1-24 net profits enlarged by 131.47% from SAR 44.48 million in Q4-23, while the revenues hiked by 85.44% from SAR 207.85 million.

Earnings before interest, taxes, depreciation, and amortisation (EBITDA) jumped by 36.10% YoY to SAR 136.60 million in Q1-24, while the EBITDA margin expanded to 35.40%

Tarek Hosni, CEO of Jamjoom Pharma, commented: “I am pleased to state that we had a strong start to the year. Our revenue growth accelerated to 28% YoY in Q1-24 driven by increased volumes and new product launches.”

“Revenue from Gastrointestinal, Cardiovascular and General Medicine showed particularly strong momentum, whereas our legacy Ophthalmology and Dermatology segments continued to enjoy strong double-digit growth rates,” Hosni added.