Local pharma player Rameda saw its net income rise 58.7% y-o-y in 2024 to EGP 401.8 mn, according to the EGX30 newbie’s latest earnings release (pdf). Rameda’s revenues rose 44.0% y-o-y to reach EGP 2.8 bn during the same period.

Driving the growth was a 55.7% y-o-y increase in private sales to EGP 2.2 bn, a 35.7% rise in toll manufacturing revenue to EGP 181.9 mn, and 24.8% y-o-y growth in tender awards to EGP 236.4 mn. However, export revenue dipped 21.1% y-o-y to EGP 142.2 mn.

The green light to raise prices played a big role: “Solid revenue growth from private sales was propelled by price increase approvals ranging from 40% to 50% across products that contribute 90% of the company’s top line. Additionally, we successfully repriced a portfolio of products representing 20% of our top line, implementing substantial increases to address historical price discrepancies,” the release read.

Remember: The Egyptian Drug Authority approved several price hikes last year in response to calls from local pharma companies that the prices reflect new FX rates following the float of the EGP in March.

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On a quarterly basis, net income reached EGP 157.8 mn during the fourth quarter of 2024, rising 180.6% y-o-y. Rameda’s revenue rose 84.3% y-o-y during the same period, reaching EGP 984.3 mn.

An increase in private sales once again pushed up the headline figure during the quarter, with the company recording an 88.9% y-o-y jump in private sales revenue to EGP 796.3 mn. Also helping the company’s top and bottom lines was a 173.3% spike in tender sales to EGP 120.3 mn alongside a 125.3% increase in toll manufacturing to EGP 64.7 mn, which helped drive down the cost per unit, the company said.

REMEMBER- Rameda was recently added to the EGX30, alongside Orascom Development, Eipico, EgyptAlum, Ibn Sina Pharma, and Qalaa Holdings, as part of the EGX’s latest semi-annual review.

What they said: “Looking ahead, we expect to fully capitalize on recent price adjustments, driving profitability and volume growth. We will continue to pursue strategic acquisitions and high-potential product launches while expanding beyond Egypt to diversify revenue and strengthen our business model.” CEO Amr Morsy said.

Rameda’s board approved paying out a dividend of EGP 0.107 per share on its earnings for 2024, totalling EGP 160 mn, the company said in a disclosure (pdf) to the EGX. The board also approved offering EGP 122.3 mn in the form of free shares for the shareholders — providing one free share for every three shares.

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