Jamjoom Pharma net profit up 82% to SAR 170.7 mln in H1 2023; Q2 at SAR 86.3 mln

Jamjoom Pharmaceuticals Factory Co. (Jamjoom Pharma) posted a net profit of SAR 170.7 million in H1 2023, an 82% increase from SAR 94 million a year earlier. 

The positive performance was driven by a 24.5% increase in revenue due to higher demand for the company’s products, the launch of new products and the price increases obtained for some of its key products toward the end of Q1 2023. 

Selling and distribution expenses increased by 10.7% YoY, which partially offset the revenue increase. 

Finance costs fell by 97.3% YoY in H1 2023 as H1 2022 included the currency devaluation loss on the inter-company loan granted to its wholly-owned subsidiary in Egypt.  

In Q4 2022, this loan was converted to a sub-ordinated perpetual equity instrument; therefore, any currency devaluation beyond Q4 2022 will not impact Jamjoom Pharma’s net profit with regards to this arrangement with the subsidiary. 

In Q2 2023, the company reported a 71% increase in profit to SAR 86.3 million from SAR 50.4 million in Q2 2022 on higher revenue and lower finance costs. 

Sequentially, net profit inched up 2.3% from SAR 84.4 million in Q1 2023.

Shareholders’ equity, no minority interest, stood at SAR 1.35 billion as of June 30, 2023, compared to SAR 1.26 billion a year earlier. 

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