Back to the complete issue
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%).

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt; Hassan Allam Properties (tax ID:  553-096-567), one of Egypt’s most prominent and leading builders; and Saleh, Barsoum & Abdel Aziz (tax ID: 220-002-827), the leading audit, tax and accounting firm in Egypt.