Jamjoom Pharma sales rise 19% in Saudi Arabia, eyes expansion: CEO

Tarek Hosni, CEO of Jamjoom Pharmaceuticals Factory Co. (Jamjoom Pharma)

Sales in Jamjoom Pharmaceuticals Factory Co.’s (Jamjoom Pharma) main markets grew significantly in 2024, with Saudi Arabia and North Africa recording year-on-year (YoY) growth of 19% and 22%, respectively, CEO Tarek Hosni told Argaam.

He pointed out that sales in the Gulf region recorded a 30% YoY increase, while Iraq saw an 11% YoY growth. Egypt reported a 19% YoY growth in value, while volume surged 46% YoY.

Jamjoom Pharma’s strategy proved effective in adapting to market dynamics and driving growth across these key regions, the CEO said.

These results reflect the company’s ability to meet the diverse needs of these markets, Hosni stated, noting that field teams are working to strengthen relationships and expand their presence to provide high-quality healthcare solutions.

He attributed 2024-profit growth to focus on high-demand therapeutic sectors, adoption of effective strategies in cost management, and enhancement of operational efficiency, which enabled Jamjoom Pharma to achieve strong performance across various markets.

He indicated that the revenue growth last year was driven by strong performance in several key therapeutic areas, including ophthalmology that grew more than 25%, cardiovascular diseases (over 38%), consumer health products (more than 24%) and gastroenterology (over 18%).

Additionally, sales of anti-diabetic medications surged by 140% YoY, supported by the launch of two new brands.

The company continues to expand its therapeutic segment due to its importance in improving consumer health, the CEO noted, emphasizing that enhancing the therapeutic portfolio to meet the growing demand for healthcare and address chronic diseases is a core part of Jamjoom Pharma’s strategy.

Hosni explained that total production exceeded 175 million units in 2024, with the flagship Jeddah facility producing 147 million units at an operating rate exceeding 98.3%.

Additionally, the new sterile pharmaceuticals facility in Jeddah produced 3.5 million units, while the factory in Egypt produced 25 million units at a 50% operating rate.

These expanded production capabilities enabled the company to meet the increasing demand and ensure a continuous supply of essential products, especially in the field of ophthalmology, while working on building a more efficient supply chain, he added.

Regarding the Jamjoom Algeria project, Hosni revealed that the project made a positive financial contribution, with a profit share of SAR 18.6 million in 2024. He pointed out that this project represents a key pillar in the company's North Africa expansion strategy, providing a solid foundation for future expansion into neighboring markets.

He expects the Algeria project to be a major driver of the company’s regional influence in the coming period.

On performance outlook, the CEO said that the company aims for a compound annual growth rate (CAGR) in revenues at 12% and 15% from 2025 to 2027, with earnings before interest, taxes, depreciation, and amortization (EBITDA) margin of 30% to 31.5%.

The focus will be on expanding innovative products and building strategic partnerships to support future growth, which will drive demand and strengthen financial and operational goals.

According to data available with Argaam, Jamjoom Pharma posted a net profit of SAR 356.5 million in 2024, rising from SAR 292.4 million a year earlier Q4 profits stood at SAR 51.6 million.