Jamjoom Pharma profit up 71% to SAR 292.4M in 2023; Q4 at SAR 44.5M

25/03/2024 Argaam Exclusive

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Jamjoom Pharmaceuticals Factory Co. (Jamjoom Pharma) posted a net profit of SAR 292.4 million in 2023, leaping 71% from SAR 171.3 million a year earlier.

Financials (M)

Item	2022	2023	Change‬
Revenues	916.67	1,100.82	20.1 %
Gross Income	593.92	703.79	18.5 %
Operating Income	233.33	313.38	34.3 %
Net Income	171.31	292.40	70.7 %
Average Shares	70.00	70.00	-
EPS (Riyals)	2.45	4.18	70.7 %

The profit increase was buoyed by a 20.1% year-on-year (YoY) revenue increase and a decline in finance costs by 96% YoY. Selling and distribution (S&D) expenses rose 9.7% but the growth rate remained lower than the rise in revenue.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2022	Q4 2023	Change‬
Revenues	196.84	207.86	5.6 %
Gross Income	125.41	118.86	(5.2 %)
Operating Income	38.26	42.24	10.4 %
Net Income	31.76	44.48	40.1 %
Average Shares	70.00	70.00	-
EPS (Riyals)	0.45	0.64	40.1 %

Item	Q3 2023	Q4 2023	Change‬
Revenues	292.61	207.86	(29.0 %)
Gross Income	187.23	118.86	(36.5 %)
Operating Income	84.67	42.24	(50.1 %)
Net Income	77.25	44.48	(42.4 %)
Average Shares	70.00	70.00	-
EPS (Riyals)	1.10	0.64	(42.4 %)

The fourth-quarter earnings leapt 40% to SAR 44.5 million, compared to SAR 31.76 million in the year-ago period.

On a quarterly basis, the company posted a 42.4% decline in Q4 profit from SAR 77.25 million in Q3.

Shareholders’ equity, no minority interest, increased to SAR 1.40 billion as of Dec. 31, 2023, compared to SAR 1.21 billion a year earlier.

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