Private sales and exports drove Rameda’s top line in 1Q 2024: Egyptian pharma player Rameda saw its top line climb 16.4% y-o-y to 456.2 mn in the first quarter of the year on the back of growth in private sales and exports, the company wrote in its latest earnings release (pdf). The volume of private sales rose 15.9% y-o-y to 6.8 mn units during the period, driving private sales revenue up 28% y-o-y to EGP 338.3 mn.

But macroeconomic challenges took a toll on Rameda’s bottom line in the quarter: Rameda saw its net income drop 12.4% y-o-y to EGP 60.1 mn in 1Q 2024, which the company attributed to pressures from FX shortages, currency depreciation, and a steep 99% y-o-y increase in financing costs due to interest rate hikes. Its net profit margin narrowed by 4.3 percentage points in the same period to 13.2%.

Price hikes incoming? “We look forward to receiving a large round of approvals for price hikes over the course of the year as we seek to maintain our growth trajectory and improve Rameda’s profitability amidst challenging market conditions,” CEO Amr Mosry said.

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