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Monday, 12 November 2018

Egypt’s Ibnsina Pharma, Sarwa Capital report results

EARNINGS WATCH- Ibnsina Pharma reported a 26.6% y-o-y increase in net profit to EGP 113.2 mn in 3Q2018, according to the company’s earnings release (pdf). Revenues grew 31.9% y-o-y during the quarter, coming in at nearly EGP 3.5 bn, with growth being driven by client pharmacies, the company said. “Management’s long-term goal is for Ibnsina to become a leading healthcare supply business provider, and the path to doing so in a structured and profitable manner lies in fostering economies of scale,” according to Co-CEO Omar Abdel Gawad. “As the company expanded its client book and distribution network during the period, Ibnsina Pharma was able to spread its costs over a wider revenue base. Management is confident that the controlled and reduced costs associated with increased operational scale, coupled with Ibnsina Pharma’s other competitive advantages, will bring us closer to our long-term goals,” he added.

Sarwa Capital reported 3Q2018 net income of EGP 100.4 mn in its maiden earnings report, up 104% y-o-y, according to a press release (pdf). The structured finance player said its results “showcase the strong growth and diversified growth dynamics within the business. Going forward, we expect continued strength across our product lines, while keeping a close eye on the macroeconomic and monetary environments to ensure that we remain well positioned to achieve growth while maintaining our unrivalled credit quality and performance.”

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