Egypt is the MEA region’s largest producer and second largest consumer of pharmaceuticals, growing at a CAGR of 17% over 2013a-2020a, surpassing the region’s CAGR of 8%. Despite pressure during the past couple of years because of the pandemic, we forecast total pharma market to grow at a 6-year CAGR of 13.2% between 2021e -26f. During 2022f, we expect the retail pharma market to record sales of EGP95.2 billion (+10.1% YoY), while non-retail pharma sales record EGP48.0 billion (+13.4% YoY), br...
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
Egypt is the MEA region’s largest producer and second-largest consumer of pharmaceuticals, growing by a CAGR (2013-2019) of 19%, surpassing the region’s CAGR of 8%. Market growth is predominantly driven by out of the pocket expenditure (61% of total health expenditure), alongside a heavily growing population by c.2% per annum. Yet, Egypt still exhibits one of the lowest pharma expenditure per capita figures in the MENA region, implying vast room for future growth. We forecast the total pharma...
ADCI recorded EGP126mn in revenues in Q1 19/20, up 19% yoy and 13% qoq. According to management, both annual and sequential topline improved on the back of price increases for some of its SKUs. We expect further topline enhancement following Holdipharma’s announcement that it increased prices for 160 SKUs produced by its subsidiaries.
Arab Drug Company (ADCI) recorded Q3 18/19 revenues of EGP111mn, up 12% yoy and 2% qoq. The Ministry of Health (MoH) did not announce a price hike in the past quarter, therefore we believe top-line enhancement is volume-driven.
Weak topline growth on stagnant sales volumes: ADCI reported revenue increase by 2% YoY and 3% QoQ in 2Q18/19. With no recent price-hikes announced in the past quarter, the weakness in revenue growth is attributable to stagnant volumes. We believe ADCI would have witnessed greater revenue growth if the company had targeted higher export sales. In terms of local sales, We believe ADCI’s revenues would be significantly boosted if the Ministry of Public Enterprises’ enacted the agreement with t...
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