{"id":643277,"date":"2024-09-05T00:00:00","date_gmt":"2024-09-05T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/09\/05\/macro-group-reduces-loses-in-2q\/"},"modified":"2024-09-05T00:00:00","modified_gmt":"2024-09-05T00:00:00","slug":"macro-group-reduces-loses-in-2q","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/09\/05\/macro-group-reduces-loses-in-2q\/","title":{"rendered":"Macro Group reduces loses in 2Q"},"content":{"rendered":"

A difficult 1H for Macro Group: <\/strong>Macro Group Pharmaceuticals saw revenue fall 54% y-o-y to EGP 155 mn on the back of \u201cstock coverage restrictions on key pharma distributors and the execution of a one-time return of obsolete products\u201d that were taken to \u201cpreserve product quality and protect market reputation,\u201d the cosmeceuticals said in its latest earnings release (pdf)<\/a>. In the same period, its bottom fell 403% y-o-y to record a net loss of EGP 89 mn in 1H 2024.<\/p>\n

Sales dropped 53% y-o-y to 3.3 mn units in the first half of the year,<\/strong> with Chairman Ahmed Elnayeb pointing to \u201creduced volumes and liquidity constraints within Egypt\u2019s pharmaceutical distribution network\u201d as driving the poor showing. Sales to key accounts contributed 57% of total revenue for the half, followed by direct sales which contributed another 33.6%. The remaining 8.9% in revenue was generated via pharmacy sales and exports.<\/p>\n

But it\u2019s a rosier picture q-o-q: <\/strong>Revenues in 2Q came in at EGP 96 mn \u2014 marking a 61% uptick on a quarterly by quarterly basis \u2014 which the company says signals \u201cthe beginning of a recovery as stock levels stabilize and the company shifts focus to top-line growth. Its bottomline went from a loss of EGP 41 mn in the first quarter to a net loss of EGP 11 mn in the second quarter.<\/p>\n

Remember: <\/strong>Macro Group turned to losses in 2023<\/a> on the back of \u201clow operating profitability, a hike in one-off impairment losses on financial and non-financial assets\u201d as well as a \u201csignificant increase\u201d in net finance costs during the year. <\/p>\n

The path forward: <\/strong>\u201cBolstered by the support of its key shareholders, as evidenced by the shareholder loans totalling EGP 150 mn that have been injected, the group is confident in its ability to overcome current challenges and continue delivering value to its stakeholders, leveraging its strong market presence and industry expertise,\u201d the press release said.<\/p>\n","protected":false},"excerpt":{"rendered":"

Sales and exports also took a hit in a touch 1H for the cosmeceuticals company<\/p>\n","protected":false},"author":1,"featured_media":643278,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7208],"tags":[409,72,7115,77,427],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-643277","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-earnings-watch","tag-earnings-watch","tag-enterpriseam","tag-healthcare","tag-macro-group","tag-pharma","wpautop","entry"],"acf":{"mongo_id":"8c9202c9-bd00-4eda-80fd-24beb508c06a","order":"8","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/4\/1103.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Macro Group reduces loses in 2Q","related_issue":[643264],"teaser":"Sales and exports also took a hit in a touch 1H for the cosmeceuticals company","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/9\/.5e6d472d-68b0-4e00-9a7f-d8597b9159b8.mp3"},"yoast_head":"\nMacro Group reduces loses in 2Q - 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Revenues jumped 47% y-o-y to EGP 170.2 mn in the April-June period. 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