Ibnsina Pharma reports 17.8% YoY growth in Q1 consolidated profits
Updated 5/22/2022 3:00:00 PM
Arab Finance: Ibnsina Pharma (ISPH) reported a 17.8% year-on-year (YoY) increase in consolidated net profit attributable to the parent company for the first quarter (Q1) of 2022, according to the consolidated financial statement filed to the Egyptian Exchange (EGX) on May 22nd.
Consolidated net profit attributable to the parent company amounted to EGP 59.38 million in Q1 2022, compared to a profit of EGP 50.37 million in Q1 2021.
Moreover, the company recorded consolidated net sales of EGP 5.33 billion in the January-March period of 2022, up from EGP 4.75 billion in the same period of 2021.
Meanwhile, the company’s standalone net profit after tax stood at EGP 57.26 million in Q1 2022, rising from EGP 50.37 million in the corresponding quarter last year, according to the standalone financial statement.
It is worth noting that Ibnsina Pharma announced the acquisition of El Shorouk Hospital in a consideration of EGP 430 million, including only EGP 200 million in cash and the rest sum as debt settlement.
Established in 2001, Ibnsina Pharma is the second-largest pharmaceutical distributor in Egypt, distributing products from over 350 global and local companies to more than 46,000 customers of pharmacies, hospitals, wholesalers, and healthcare institutions.
