The Tenth of Ramadan for Pharmaceutical Industries and Diagnostic Reagents Company (Rameda) has announced revenues of EGP 205m in its financial results for the second quarter (Q2) of 2020.
The revenues reflect a downturn of 11.8% quarter-on-quarter (q-o-q), but a rise of 5.6% year-on-year (y-o-y).
The company’s net profits, after minority interest, stood at EGP 19.9m, reflecting a 16.8% decline q-o-q, and a rise of 54.1% y-o-y.
As for the business excluding toll manufacturing, including private sales, tenders and exports, revenue stood at EGP 197m, down 11.4% q-o-q and up 7.2% y-o-y. This was attributed to the company’s optimised product portfolio, with a focus towards higher-priced products.
Sales volumes stood at 13,587 units, down 26.1% q-o-q and 9.8% y-o-y. With regards to toll manufacturing, volumes came in at 4,917 units, down 21.1% q-o-q and 44.0% y-o-y.
The gross margin of 48.0% increased 2.3pps q-o-q and 40bps y-o-y, due to lower costs of raw materials, which resulted from the company’s optimised portfolio towards higher margin products.
Rameda was able to achieve some developments over the first half (H1) of 2020. This included its acquisition of three molecules, including a non-steroidal anti-inflammatory analgesic molecule, which became a top selling product in H1 of 2020. The company also launched four new molecules, with plans to launch an additional four to six molecules before the year’s end.
Rameda was the first Egyptian company to supply both local and regional markets with antiviral medications to help combat the novel coronavirus (COVID-19). In June 2020, it received manufacturing licences from the Egyptian Drug Authority (EDA) to manufacture Anviziram and Remdesivir.
The company is awaiting approval from Egypt’s Ministry of Health and the EDA to export both medicines to countries across the Middle East and North Africa (MENA) region.