Hikma core operating profit jumps on higher sales of injectable drugs

The Jordan-based drugmaker said its core operating profit rose to $460 million for the year ended December 31. (Reuters)
Updated 13 March 2019
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Hikma core operating profit jumps on higher sales of injectable drugs

  • The Jordan-based drugmaker said its core operating profit rose to $460 million for the year ended December 31
  • Core revenue rose 7 percent to $2.08 billion

BENGALURU: Hikma Pharmaceuticals on Wednesday reported a 19 percent rise in full-year core operating profit, helped by strong demand for its injectable drugs and a rebound in its generics business.
The Jordan-based drugmaker said its core operating profit rose to $460 million for the year ended Dec. 31 from $386 million a year earlier.
Core revenue rose 7 percent to $2.08 billion, with Hikma’s injectables business accounting for about 40 percent of the total.


Egyptian economy on right track after 5.6% growth in 2018-2019: prime minister

Updated 5 min 23 sec ago
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Egyptian economy on right track after 5.6% growth in 2018-2019: prime minister

  • Egypt is emerging from a three-year economic reform program tied to a $12 billion loan from the IMF
  • Egypt has been praised by international lenders for swift reforms implemented since 2016
CAIRO: Egypt’s economy grew 5.6 percent in the 2018/19 fiscal year and is “on the right track” as it completes IMF-backed reforms, Prime Minister Mustafa Madbouli said on Wednesday.
The budget deficit came in at 8.2 percent of GDP, he said, which was slightly below an official forecast of 8.4 percent.
Egypt is emerging from a three-year economic reform program tied to a $12 billion loan from the International Monetary Fund.
Madbouli said Egypt’s primary surplus stood at 2 percent for the fiscal year, which ended in June, and also pointed to a recent drop in inflation as positive signs. Economic growth was up from 5.3 percent in 2017/18 and in line with a government forecast.
“At the same time, it induces us to complete the implementation of reforms and the efforts exerted to achieve the targets for the new fiscal year,” Madbouli said in a statement said.
Egypt has been praised by international lenders for swift reforms implemented since 2016, though austerity measures and inflation have left many Egyptians struggling to get by.
The reforms included a sharp devaluation of the currency, the introduction of value-added tax and the elimination of subsidies on most fuel products.
Headline annual inflation dropped to 9.4 percent in June from 14.1 percent the previous month, though it is expected to rise over the rest of the summer as the impact of the latest round of fuel subsidy cuts kicks in.