reports
- Ghada JENDOUBI
A still-sluggish activity ...
During Q3 2016, SIPHAT’s revenues witnessed a drop of 9.9%, from TND9.704m in Q3 2015 to TND8.741m. This drop is mainly due to a 22.9% decrease in pharmaceutical sales. The production was down by 15.6% to TND7.445m on the back of a deterioration in the hospital model production which reached TND2.565m (-38% yoy). Over the first nine months of 2016, the company’s revenues were set at TND27.6m vs. TND30.5m a year earlier, i.e.
A feverish Q1 2016
- During Q1 2016, SIPHAT recorded a 7% decline in sales, from TND10.2m in Q1 2015 to TND9.5m. This decline is mainly due to a significant decrease by 85% in Export revenues, as well as a 20% drop in tablet products revenues dedicated to the hospital sector on the back of the repair works in the tablet products laboratory. - Production has witnessed a decline of 17.53% to TND7.93m (down from TND9.61m in Q1 2015) due to a decrease of: -15% and -20% in the hospital model production and pharmaceutic...
Correct growth but a cautious view is still advisable
- During Q4 2015, SIPHAT recorded a modest growth in sales (+2.7%) compared to Q4 2014, going from TND11.9M to TND12.5M. This progression has been pulled up by the rise in the quarterly revenues of the hospital model to TND6.05M (+23.8%). The production value reached TND12.02M, up from TND11.06M in the same period of 2015. Thus, the company ended the year 2015 with an 8% sales increase to TND44.455M, a trend that outperformed our projections (+2.7% expected by AlphaMena).
The nth paradox in Q3 figures
2015 Q3 revenues grew up 11% to TND9.7M, pulled up by officinal sales increasing from TND3.5M in Q3 2014 to TND4.3M in Q3 2015, i.e. 23% rise. Since early this year, sales have increased by 8%, from TND28.3M in September, 2014, to TND30.5M by the end of September, 2015. Hospitals offered the highest contribution to sales with revenues growing from TND14.8M in 2014 to TND16.3M in 2015. Exports stood at a modest level with revenues worth TND229.4K in Q3 and TND2M in the nine first months.
Non-reassuring growth
SIPHAT reported a significant performance in the 2nd quarter of 2015, with sales growth of 10.5%, thus, increasing the H1 revenues by 6.4% to TND20.8M. The activity was boosted by sales to hospitals, which grew by 11.8% to TND11.1M. Officinal revenues decreased by 6.5% in this H1 despite almost flat sales in Q2 2015 compared to Q2 2014. Exports improved significantly in Q2 (+82.5%) reaching a growth rate of 56.1% since the beginning of the year.
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