2023-08-15 10:54:21
Tarek Hosni said that the new drug classes are behind the high profitability in the second quarter
Dubai – Al Arabiya.net
Posted on: August 15, 2023: 01:22 PM GST Last updated: August 15, 2023: 02:54 PM GST
Tariq Hosni, CEO of the Jamjoom Pharmaceutical Factory Company, said that the main reason for the high growth of the company’s profitability by 71% is due to the decline in financing expenses, the addition of new items and products that the company launched in the multiple markets that it deals with inside and outside Saudi Arabia.
Hosni added, during an interview with Al-Arabiya, that the good performance of the company during the second quarter of 2023 will be reflected in the level of confidence in the institution and its products on the part of consumers and partners, noting that the revenues, which increased by 25% during the current period, came mainly due to the reduction in operating costs and performance. The dynamic of the team, in addition to the high prices of some medicines offered by the company.
He continued, “The company is present in the Saudi market and in a number of Arab countries, such as Algeria, Iraq, and Egypt, and is heading to expand and enter new markets.”
The net profit of Jamjoom Pharmaceutical Factory Company increased by 71.23% in the second quarter of 2023, to regarding 86.3 million riyals, following zakat and tax, compared to regarding 50.4 million riyals in the same quarter of 2022.
On a quarterly basis, net profits increased by 2.25% compared to a net profit of regarding 84.4 million riyals in the first quarter of 2023.
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