RIYADH: Egyptian pharmaceutical company Tenth of Ramadan for Pharmaceutical Industries and Diagnostic Reagents, also known as Rameda, reported a net profit rise of 138 percent in the first quarter over the same period last year.
The firm’s net profit rose to $3.91 million in the first quarter from $1.64 million reported last year.
Rameda’s revenue from exports climbed 16.1 percent year on year to reach $1.44 million in the first quarter.
”Rameda has once again delivered double-digit growth across all of its business channels as a result of our ongoing portfolio expansion strategy, with revenues from products launched and acquired since our December 2019 listing contributing 25 percent to our overall top line during the quarter,” said Rameda CEO Amr Mursi, in a press statement.
He said the last few years have seen the Egyptian market face a number of internal disruptions and external shocks, and with every event, “Rameda has emerged on a stronger footing and ideally positioned for accelerated growth.”