Egypt’s largest pharmaceutical distributor, Ibn Sina Pharma, has announced plans to invest EGP 200 million in 2024.The company plans to expand its branch network, which currently number 71, as well as boost its technological infrastructure. These investments have the goal to increase the company’s market share and profitability in the coming years.
According to Mohamed Shawky, the company’s Investor Relations Sector Director, Ibn Sina Pharma holds about 24 percent of the Egyptian market and has a business volume of EGP 24 bn. He told DNE that the company’s new investments will be paid by strengthening its cash receipts cycle.
Shawky even stated that the company’s net profit before interest grew by 101% in September 2023, reaching EGP 996.7m to EGP 495m in the same period that year. However, he said the increase in financing costs had an adverse effect on the net profit margin.
Earnings before interest, taxes, and depreciation (EBITDA) got by 101% in the first nine months of 2023, reaching EGP 23.8 billion, compared to EGP 15.8 bn in the same period in 2022.