Rameda net income dips in 4Q2020
Rameda Pharma’s net income dipped 14% y-o-y in 4Q2020 to EGP 43.5 mn, down from EGP 50.8 mn in the same period in 2019, the company said in a earnings statement (pdf). This came despite revenues rising almost 5% y-o-y during the quarter to EGP 287.3 mn due to “recovering market conditions,” the company said. In 2020, net income grew by more than a third to EGP 112.2 mn while revenues expanded 7.4% to EGP 960.2 mn on the back of a portfolio’s focus on higher priced products during the year. This came despite the company seeing a 14% decline in total sales volume due to covid-19.
Looking ahead: “Developments in the final quarter of the year, including the rollout of vaccines which began in December 2020, have signaled a promising outlook for 2021,” said CEO Amr Morsy. The company will roll out 8-10 high-priced meds this year, and is looking to expand into new markets including Kuwait, Bahrain, the UAE and Moldova.