Riyadh – Mubasher: Jamjoom Pharmaceuticals Factory Company (Jamjoom Pharma) achieved net profits worth SAR 84.40 million during the first quarter (Q1) of 2023, signalling a 94.02% surge from SAR 43.50 million in Q1-22.
The earnings per share (EPS) soared to SAR 1.21 in the three months (3M) period which ended on 31 March 2023, compared to SAR 0.62 in the same 3M a year earlier.
Jamjoom Pharma generated revenues at a total value of SAR 302 million in Q1-23, higher by 23.87% than SAR 243.80 million in Q1-22, according to the interim financial results.
The company attributed the annual increase in Q1-23 revenues to strong demand for the firm’s high-quality branded generic products in the markets it covers, in addition to better-than-expected growth of the overall market and other factors.
On a quarterly basis, the Q1-23 net profits of Jamjoom Pharma jumped by 165.41% when compared to SAR 31.80 million in Q4-22, while the revenues rose by 53.45% from SAR 196.80 million.
It is worth noting that the pharmaceuticals company commenced the trading of its shares on the Saudi Exchange (Tadawul) on 20 June 2023.
