The Tenth of Ramadan Company for Pharmaceutical Industries and Diagnostic Preparations, “Rameda”, said that it has launched 9 new products in 2020, and aims to offer 8 to 10 new products in 2021.
The company added that it has invested 100 million pounds to acquire new products during 2020, and expects to invest 50 million pounds to develop production lines and factories under certain conditions to comply with environmental and export standards.
The company explained that its production of antiviral drugs, which are used to treat the Corona virus, provided the company with opportunities to register new preparations for export.
The company pointed out that registration takes up to several months before the actual start of exports.
And it expected that sales of virus treatment preparations that are used to treat Corona will represent 20 percent of export sales in the event that registration is completed and exports begin.
The Tenth of Ramadan Company for Pharmaceutical and Diagnostic Industries “Rameda” has announced that it has submitted a non-binding letter of intent to participate in the bids submitted to acquire “GlaxoSmithKline”.
The company stated that the offer came within the framework of Glaxo Group Limited – the main shareholder – offering to sell all of its 91.2% stake in Glaxo Egypt.
Based on the approval of the Board of Directors, Rameda intends to conduct a comprehensive due diligence examination on the legal, commercial, operational, financial and regulatory aspects of the company targeted for its acquisition, which is expected to form the basis for further discussions on the deal.
The combined profits of the Tenth of Ramadan Company “Rameda” during the first nine months of this year jumped 1.17 times to record 68.1 million pounds, compared to 31.1 million pounds during the corresponding period of last year.
Revenues increased during the period from January to last September by 8.6% to reach 672.8 million pounds, compared to 619.4 million pounds during the corresponding period.
Amr Morsi, managing director of Rameda, said that the company has demonstrated during the past nine months its flexibility in light of the surrounding challenges after the remarkable growth of revenues during the period at a rate that exceeded the total growth of the Egyptian pharmaceutical market and the private sector by 23% and 10%, respectively.
Morsi added that the company’s strong performance reflects the impact of easing precautionary restrictions related to the spread of the “Corona” virus, as well as the company’s response to current developments with the return of consumption movement to normal levels.
Morsi indicated that the completion of the acquisitions and the launch of new pharmaceutical preparations contributed to enhancing the company’s ability to grow and meet the requirements and needs of the market.
Mahmoud Fayek, head of the financial sector at Rameda, said that the repercussions of “Corona” resulted in a 15% decline in sales, especially the domestic and export sales sectors.
Fayek added that the sales activities of the tender sector have also shifted to become through the government digital platform of the Egyptian Consolidated Purchase Authority, which led to a slowdown in the sector’s sales during the period.
He pointed out that the company strengthened its portfolio of products and pharmaceuticals, which contributed to limiting the negative impact of the decrease in sales volume, which was reflected in the total revenues.
The cost of revenues declined during the same period to 355.7 million pounds, compared to 356.1 million pounds during the comparative period.
By the end of last September, the total profit rose to 317.1 million pounds, compared to 263.1 million pounds during the corresponding period.
According to the company, the sales sector succeeded in occupying the forefront of the company’s revenues with a value of 455.4 million pounds during the period, with a growth of 9.5%, capturing 67.7% of total revenues, despite the decrease in sales volume due to the difficult challenges resulting from the spread of the “Corona” virus.
The revenues of the export sector declined due to the repercussions of “Corona” at an annual rate of 15.5% to reach 28.7 million pounds by the end of last September, and the sector’s sales decreased by 14.1% to 1.9 million pounds during the period.
The revenues of the limb manufacturing sector increased by 10.9% to reach 32.1 million pounds in the first nine months of this year, after the company employed its capabilities in the production of dried powder preparations, which contributed to reducing the impact of the slowdown in the market in general due to the challenges related to the spread of “Corona”.
The article “Rameda” aims to introduce 10 new products during 2021 and was written in Al Borsa newspaper.