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Thursday, 6 May 2021

Earnings Watch: Rameda, AMOC

EARNINGS WATCH- Tenth of Ramadan for Pharma Industries and Diagnostic Reagents (Rameda) reported a bottom line growth of 26% y-o-y to EGP 30.2 mn in 1Q2021, in an earnings release (pdf) out today. The company’s topline grew 17% y-o-y to EGP 270.8 mn during the quarter, “driven by strong performance from our recent launches, with a ramp up in sales of the new covid-19 related antiviral products, both domestically and internationally,” Rameda CFO Mahmoud Fayek said. These included the 2020 year-end launch of Anviziram and Remdesivir, which has supported Rameda’s growth in the first quarter of the year, CEO Amr Morsy said. "Easing import restrictions and strong demand for our antiviral medication regionally saw us enter new markets in 1Q21, with sales to the Levant driving pronounced growth at the Group’s exports vertical,” he added.

Looking ahead, Rameda will continue to focus on its portfolio optimization strategy, compound acquisitions, product launches and opening up new markets, Morsy says. “Rameda is currently completing the registration process to export its products to select GCC and Eastern European markets, with the aim of expanding our operations,” he added.

Alexandria Mineral Oils Company’s (AMOC) bottom line in 9M2020-21 reached EGP 103 mn, up from a net loss of EGP 152 mn in the same period last year, according to the company’s financials (pdf). Total sales in the same period dropped to EGP 7.1 bn from EGP 7.8 bn last year.

The EGX30 rose 0.7% at today’s close on turnover of EGP 1.02 bn (18.8% below the 90-day average). Foreign investors were net sellers. The index is down 2.4% YTD.

In the green: Ezz Steel (+5.6%), AMOC (+3.7%) and Sidi Kerir (+3.2%).

In the red: Orascom Development (-2.8%), Orascom Financial (-2.3%) and Abu Qir Fertilizers (-1.2%).

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