EARNINGS WATCH- Rameda profits soar in 1Q: Rameda Pharma almost trebled its profits in 1Q2020, recording net income of EGP 23.9 mn compared to EGP 8.1 mn a year earlier, according to the company’s earnings statement (pdf). Revenues climbed 22% to reach EGP 232.4 mn over the three-month period, up from EGP 189.9 mn last year.

Supply chain issues courtesy of covid-19 failed to dent the company’s recovery from last year’s production disruptions: “Despite the stresses placed on the Egyptian market in specific and global markets in general during the period by the coronavirus pandemic and its associated economic impacts, recovering volumes after last year’s production disruptions combined with improvements in our average price points delivered solid top-line growth for Rameda during 1Q20,” CFO Mahmoud Fayek said, noting that revenue growth was broad based with the exception of export sales, which, “fell on account of disruptions in global trade and logistical restrictions.” .

“Moving forward we will continue to seek opportunistic acquisitions that can drive growth, improve our profitability, and expand our market share,” CEO Amr Morsy said, adding that the company will continue to keep an eye out for potential acquisitions.