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
0

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.


Small and medium enterprises ‘key to national growth’ in Saudi Arabia

Updated 2 min 16 sec ago
0

Small and medium enterprises ‘key to national growth’ in Saudi Arabia

  • The Finance Ministry has launched a SR12.5 billion ($3.3 billion) program
  • SMEs are supported and empowered by the Saudi Finance Ministry

Rawan Radwan RIYADH: Saudi Arabia’s small and medium enterprises (SMEs) were an importance topic of discussion at the Financial Sector Conference in Riyadh on Wednesday.
SMEs are supported and empowered by the Saudi Finance Ministry as a key partner in national development.
“Progress is … being made,” said Tim Callen, the International Monetary Fund’s assistant director for the Middle East and Central Asia. But “there’s still huge untapped potential,” he added.
The Finance Ministry has launched a SR12.5 billion ($3.3 billion) program to support the private sector, including SMEs.
“We’ve already committed SR2 billion, and the pilot phase has begun,” said Finance Minister Mohammed Al-Jadaan.
In a focus discussion titled “Drivers of Growth and Innovation: SME funding,” Patrick Zhong, founding managing partner at M31 Capital in China, spoke of Saudi youths’ great potential in terms of the growth and success of SMEs.
Addressing gender equality in SMEs in the Kingdom, Mohammed Al-Malki, vice governor of funding at the Saudi Small and Medium Enterprises General Authority (Monshaat), said “there’s no differentiation between male and female” at Monshaat.