Jamjoom Pharma logs 78% profit leap in 9M 2023 to SAR 247.9 mln; Q3 at SAR 77.2 mln

07/11/2023 Argaam Exclusive

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Jamjoom Pharmaceuticals Factory Co. (Jamjoom Pharma) posted a net profit of SAR 247.9 million in 9M 2023, leaping 78% from SAR 139.6 million a year earlier.

Financials (M)

Item	9m 2022	9m 2023	Change‬
Revenues	719.84	891.86	23.9 %
Gross Income	468.51	584.93	24.8 %
Operating Income	195.06	271.14	39.0 %
Net Income	139.56	247.92	77.6 %
Average Shares	70.00	70.00	-
EPS (Riyals)	1.99	3.54	77.6 %

The profit increase was buoyed by 24.1% revenue growth year-on-year (YoY) due to higher sales volume, new product launches, and price adjustment for some key products that was obtained in 2023. The company also cited a 94.6% drop YoY in finance costs. However, the selling and distribution expenses increased by 12.1% YoY.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2022	Q3 2023	Change‬
Revenues	237.76	292.61	23.1 %
Gross Income	151.13	187.23	23.9 %
Operating Income	60.03	84.67	41.1 %
Net Income	45.60	77.25	69.4 %
Average Shares	70.00	70.00	-
EPS (Riyals)	0.65	1.10	69.4 %

Item	Q2 2023	Q3 2023	Change‬
Revenues	298.40	292.61	(1.9 %)
Gross Income	198.10	187.23	(5.5 %)
Operating Income	92.56	84.67	(8.5 %)
Net Income	86.27	77.25	(10.5 %)
Average Shares	70.00	70.00	-
EPS (Riyals)	1.23	1.10	(10.5 %)

The third-quarter earnings leapt 69% to SAR 77.2 million, compared to SAR 45.60 million in the year-ago period, driven by a 23.1% leap YoY in revenues and a 92.2% drop in finance costs.

On a quarterly basis, the company posted a 10.5% decline in Q3 profit from SAR 86.27 million.

Shareholders’ equity, no minority interest, increased to SAR 1.36 billion as of Sept. 30, 2023, compared to SAR 1.28 billion a year earlier.

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