Jamjoom Pharma 2024 revenue growth reflects operational improvements: CEO

Tarek Hosni CEO of Jamjoom Pharmaceuticals Factory Co

Tarek Hosni, CEO of Jamjoom Pharmaceuticals Factory Co. (Jamjoom Pharma), said the company generated revenues of SAR 1.3 billion in 2024, marking a 20% year-on-year (YoY) increase, driven by operational improvements and strong sales of high-margin products.

In a meeting with investors and financial analysts, Hosni said the EBITDA margin hit 33.2%, generating SAR 437 million—up 27% from the previous year. Net profit stood at SAR 357 million, which could have reached SAR 370 million if not for the precautionary provisions taken by the company.

Jamjoom Pharma launched nine new products in 2024 across several therapeutic areas, including consumer health and antibiotics, the top executive said. He added that the company’s strategy is to launch six to 10 products annually to strengthen its market share.

Hosni said the company is expanding its presence in the biologics and biosimilars sector while exploring new opportunities in weight-loss and type 2 diabetes treatments. Additionally, Jamjoom Pharma plans to open new manufacturing facilities.

The company doubled its production capacity over the past three years, increasing from 88 million units in 2021 to an expected 170 million in 2024. In addition, it continues to enhance production efficiency while maintaining capital expenditures within the target range of 4% to 6% of revenue.

The firm also saw an 11% growth in Saudi Arabia, the GCC (30%), Iraq (11%), North Africa (22%), and Egypt (19%), the CEO said, noting that all key markets achieved double-digit growth rates.

During the meeting, CFO Anwer Mohiuddin highlighted that production and raw material costs increased by 23% due to higher manufacturing volumes across all facilities. However, the company effectively managed costs, helping to sustain profitability levels.

Further, Hosni said Jamjoom Pharma reviewed its strategy at the end of 2024 and set a new vision focused on expanding in the GCC, Asia, and North Africa. The company aims to make strategic investments to acquire market share and strengthen its leadership in key sectors.

The management is committed to achieving a 12% annual revenue growth from 2025 to 2027 while maintaining a 30% profit margin. It also plans to continue distributing 50% to 60% of profits on a semi-annual basis.