Jamjoom Pharma net profit up 82% to SAR 170.7 mln in H1 2023; Q2 at SAR 86.3 mln

10/08/2023 Argaam Exclusive

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Jamjoom Pharmaceuticals Factory Co. (Jamjoom Pharma) posted a net profit of SAR 170.7 million in H1 2023, an 82% increase from SAR 94 million a year earlier.

Financials (M)

Item	6m 2022	6m 2023	Change‬
Revenues	482.08	599.25	24.3 %
Gross Income	317.38	397.70	25.3 %
Operating Income	135.03	186.47	38.1 %
Net Income	93.95	170.67	81.7 %
Average Shares	70.00	70.00	-
EPS (Riyals)	1.34	2.44	81.7 %

The positive performance was driven by a 24.5% increase in revenue due to higher demand for the company’s products, the launch of new products and the price increases obtained for some of its key products toward the end of Q1 2023.

Selling and distribution expenses increased by 10.7% YoY, which partially offset the revenue increase.

Finance costs fell by 97.3% YoY in H1 2023 as H1 2022 included the currency devaluation loss on the inter-company loan granted to its wholly-owned subsidiary in Egypt.

In Q4 2022, this loan was converted to a sub-ordinated perpetual equity instrument; therefore, any currency devaluation beyond Q4 2022 will not impact Jamjoom Pharma’s net profit with regards to this arrangement with the subsidiary.

In Q2 2023, the company reported a 71% increase in profit to SAR 86.3 million from SAR 50.4 million in Q2 2022 on higher revenue and lower finance costs.

Sequentially, net profit inched up 2.3% from SAR 84.4 million in Q1 2023.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2022	Q2 2023	Change‬
Revenues	238.30	298.40	25.2 %
Gross Income	153.06	198.10	29.4 %
Operating Income	57.61	92.56	60.7 %
Net Income	50.42	86.27	71.1 %
Average Shares	70.00	70.00	-
EPS (Riyals)	0.72	1.23	71.1 %

Item	Q1 2023	Q2 2023	Change‬
Revenues	300.85	298.40	(0.8 %)
Gross Income	199.61	198.10	(0.8 %)
Operating Income	93.91	92.56	(1.4 %)
Net Income	84.40	86.27	2.2 %
Average Shares	70.00	70.00	-
EPS (Riyals)	1.21	1.23	2.2 %

Shareholders’ equity, no minority interest, stood at SAR 1.35 billion as of June 30, 2023, compared to SAR 1.26 billion a year earlier.

Attached Documents

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Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
Q1 2014	-	-	-	-	-	-
Q2 2014	-	-	-	-	-	-
Q3 2014	-	-	-	-	-	-
Q4 2014	-	-	-	-	-	-
2014	-	-	-	-	-	-
Q1 2015	-	-	-	-	-	-
Q2 2015	-	-	-	-	-	-
Q3 2015	-	-	-	-	-	-
Q4 2015	-	-	-	-	-	-
2015	-	-	-	-	-	-
Q1 2016	-	-	-	-	-	-
Q2 2016	-	-	-	-	-	-
Q3 2016	-	-	-	-	-	-
Q4 2016	-	-	-	-	-	-
2016	-	-	-	-	-	-
Q1 2017	-	-	-	-	-	-
Q2 2017	-	-	-	-	-	-
Q3 2017	-	-	-	-	-	-
Q4 2017	-	-	-	-	-	-
2017	-	-	-	-	-	-
Q1 2018	-	-	-	-	-	-
Q2 2018	-	-	-	-	-	-
Q3 2018	-	-	-	-	-	-
Q4 2018	-	-	-	-	-	-
2018	701.30	-	442.77	-	171.70	-
Q1 2019	-	-	-	-	-	-
Q2 2019	-	-	-	-	-	-
Q3 2019	-	-	-	-	-	-
Q4 2019	-	-	-	-	-	-
2019	731.73	4.3 %	422.37	(4.6 %)	174.54	1.7 %
Q1 2020	-	-	-	-	-	-
Q2 2020	-	-	-	-	-	-
Q3 2020	-	-	-	-	-	-
Q4 2020	-	-	-	-	-	-
2020	805.31	10.1 %	513.30	21.5 %	229.49	31.5 %
Q1 2021	121.82	-	77.37	-	14.74	-
Q2 2021	193.05	-	124.75	-	49.73	-
Q3 2021	-	-	-	-	-	-
Q4 2021	-	-	-	-	-	-
2021	735.68	(8.6 %)	474.69	(7.5 %)	184.77	(19.5 %)
Q1 2022	243.78	100.1 %	164.32	112.4 %	77.42	425.2 %
Q2 2022	238.30	23.4 %	153.06	22.7 %	57.61	15.9 %
Q3 2022	237.76	-	151.13	-	60.03	-
Q4 2022	196.84	-	125.41	-	38.26	-
2022	916.67	24.6 %	593.92	25.1 %	233.33	26.3 %
Q1 2023	300.85	23.4 %	199.61	21.5 %	93.91	21.3 %
Q2 2023	298.40	25.2 %	198.10	29.4 %	92.56	60.7 %

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2013	-	-	-	-	-	-
2014	-	-	-	-	-	-
2015	-	-	-	-	-	-
2016	-	-	-	-	-	-
2017	-	-	-	-	-	-
2018	701.30	-	442.77	-	171.70	-
2019	731.73	4.3 %	422.37	(4.6 %)	174.54	1.7 %
2020	805.31	10.1 %	513.30	21.5 %	229.49	31.5 %
2021	735.68	(8.6 %)	474.69	(7.5 %)	184.77	(19.5 %)
2022	916.67	24.6 %	593.92	25.1 %	233.33	26.3 %

Profit Performance (Million)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
Q1 2014	-	-	-	-	-	-
Q2 2014	-	-	-	-	-	-
Q3 2014	-	-	-	-	-	-
Q4 2014	-	-	-	-	-	-
2014	-	-	-	-	-	-
Q1 2015	-	-	-	-	-	-
Q2 2015	-	-	-	-	-	-
Q3 2015	-	-	-	-	-	-
Q4 2015	-	-	-	-	-	-
2015	-	-	-	-	-	-
Q1 2016	-	-	-	-	-	-
Q2 2016	-	-	-	-	-	-
Q3 2016	-	-	-	-	-	-
Q4 2016	-	-	-	-	-	-
2016	-	-	-	-	-	-
Q1 2017	-	-	-	-	-	-
Q2 2017	-	-	-	-	-	-
Q3 2017	-	-	-	-	-	-
Q4 2017	-	-	-	-	-	-
2017	-	-	-	-	-	-
Q1 2018	-	-	-	-	-	-
Q2 2018	-	-	-	-	-	-
Q3 2018	-	-	-	-	-	-
Q4 2018	-	-	-	-	-	-
2018	150.84	-	2.15	-	150.84	2.15
Q1 2019	-	-	-	-	-	-
Q2 2019	-	-	-	-	-	-
Q3 2019	-	-	-	-	-	-
Q4 2019	-	-	-	-	-	-
2019	159.93	6.0 %	2.28	-	159.93	2.28
Q1 2020	-	-	-	-	-	-
Q2 2020	-	-	-	-	-	-
Q3 2020	-	-	-	-	-	-
Q4 2020	-	-	-	-	-	-
2020	206.86	29.3 %	2.96	-	206.86	2.96
Q1 2021	10.98	-	0.16	-	10.98	0.16
Q2 2021	41.19	-	0.59	-	41.19	0.59
Q3 2021	-	-	-	-	-	-
Q4 2021	-	-	-	-	-	-
2021	170.70	(17.5 %)	2.44	-	170.70	2.44
Q1 2022	43.53	296.3 %	0.62	(28.75)	72.28	1.03
Q2 2022	50.42	22.4 %	0.72	(4.27)	54.69	0.78
Q3 2022	45.60	-	0.65	(7.96)	53.56	0.77
Q4 2022	31.76	-	0.45	(6.98)	38.73	0.55
2022	171.31	0.4 %	2.45	(47.95)	219.26	3.13
Q1 2023	84.40	93.9 %	1.21	-	84.40	1.21
Q2 2023	86.27	71.1 %	1.23	-	86.27	1.23

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
2013	-	-	-	-	-	-
2014	-	-	-	-	-	-
2015	-	-	-	-	-	-
2016	-	-	-	-	-	-
2017	-	-	-	-	-	-
2018	150.84	-	2.15	-	150.84	2.15
2019	159.93	6.0 %	2.28	-	159.93	2.28
2020	206.86	29.3 %	2.96	-	206.86	2.96
2021	170.70	(17.5 %)	2.44	-	170.70	2.44
2022	171.31	0.4 %	2.45	(47.95)	219.26	3.13

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
2014	-	-	-
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
2015	-	-	-
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
2016	-	-	-
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	-	-	-
2017	-	-	-
Q1 2018	-	-	-
Q2 2018	-	-	-
Q3 2018	-	-	-
Q4 2018	-	-	-
2018	63.14 %	30.54 %	21.51 %
Q1 2019	-	-	-
Q2 2019	-	-	-
Q3 2019	-	-	-
Q4 2019	-	-	-
2019	57.72 %	29.63 %	21.86 %
Q1 2020	-	-	-
Q2 2020	-	-	-
Q3 2020	-	-	-
Q4 2020	-	-	-
2020	63.74 %	33.74 %	25.69 %
Q1 2021	-	-	-
Q2 2021	-	-	-
Q3 2021	-	-	-
Q4 2021	-	-	-
2021	64.52 %	28.43 %	23.20 %
Q1 2022	-	-	-
Q2 2022	-	-	-
Q3 2022	-	-	-
Q4 2022	64.79 %	28.15 %	23.92 %
2022	64.79 %	28.15 %	23.92 %
Q1 2023	64.62 %	28.21 %	23.76 %
Q2 2023	65.22 %	29.98 %	25.44 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2013	-	-	-
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	63.14 %	30.54 %	21.51 %
2019	57.72 %	29.63 %	21.86 %
2020	63.74 %	33.74 %	25.69 %
2021	64.52 %	28.43 %	23.20 %
2022	64.79 %	28.15 %	23.92 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	-	-	-
Q1 2018	-	-	-
Q2 2018	-	-	-
Q3 2018	-	-	-
Q4 2018	-	-	-
Q1 2019	-	-	-
Q2 2019	-	-	-
Q3 2019	-	-	-
Q4 2019	-	-	-
Q1 2020	-	-	-
Q2 2020	-	-	-
Q3 2020	-	-	-
Q4 2020	-	-	-
Q1 2021	63.51 %	-	9.02 %
Q2 2021	64.62 %	32.15 %	21.34 %
Q3 2021	-	-	-
Q4 2021	-	-	-
Q1 2022	67.40 %	34.26 %	29.65 %
Q2 2022	64.23 %	26.75 %	22.95 %
Q3 2022	63.56 %	27.86 %	22.53 %
Q4 2022	63.71 %	22.63 %	19.68 %
Q1 2023	66.35 %	33.30 %	28.05 %
Q2 2023	66.39 %	33.17 %	28.91 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2014	-	-	-	-
Q2 2014	-	-	-	-
Q3 2014	-	-	-	-
Q4 2014	-	-	-	-
Q1 2015	-	-	-	-
Q2 2015	-	-	-	-
Q3 2015	-	-	-	-
Q4 2015	-	-	-	-
Q1 2016	-	-	-	-
Q2 2016	-	-	-	-
Q3 2016	-	-	-	-
Q4 2016	-	-	-	-
Q1 2017	-	-	-	-
Q2 2017	-	-	-	-
Q3 2017	-	-	-	-
Q4 2017	-	-	-	-
Q1 2018	-	-	-	-
Q2 2018	-	-	-	-
Q3 2018	-	-	-	-
Q4 2018	-	-	-	-
Q1 2019	-	-	-	-
Q2 2019	-	-	-	-
Q3 2019	-	-	-	-
Q4 2019	-	-	-	-
Q1 2020	-	-	-	-
Q2 2020	-	-	-	-
Q3 2020	-	-	-	-
Q4 2020	-	-	-	-
Q1 2021	70.00	-	-	-
Q2 2021	70.00	-	-	16.98
Q3 2021	-	-	-	-
Q4 2021	-	-	-	-
Q1 2022	70.00	-	-	17.67
Q2 2022	70.00	-	-	18.03
Q3 2022	70.00	-	-	18.34
Q4 2022	70.00	2.45	3.13	17.38
Q1 2023	70.00	3.03	3.31	18.13
Q2 2023	70.00	3.54	3.76	19.36

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2013	-	-	-	-
2014	-	-	-	-
2015	-	-	-	-
2016	-	-	-	-
2017	-	-	-	-
2018	70.00	2.15	2.15	14.28
2019	70.00	2.28	2.28	15.28
2020	70.00	2.96	2.96	16.84
2021	70.00	2.44	2.44	17.59
2022	70.00	2.45	3.13	17.38

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	-	-	-
Q1 2018	-	-	-
Q2 2018	-	-	-
Q3 2018	-	-	-
Q4 2018	-	-	-
Q1 2019	-	-	-
Q2 2019	-	-	-
Q3 2019	-	-	-
Q4 2019	-	-	-
Q1 2020	-	-	-
Q2 2020	-	-	-
Q3 2020	-	-	-
Q4 2020	-	-	-
Q1 2021	-	-	-
Q2 2021	-	-	-
Q3 2021	-	-	-
Q4 2021	-	-	-
Q1 2022	-	-	-
Q2 2022	-	-	-
Q3 2022	-	-	-
Q4 2022	-	-	-
Q1 2023	-	-	-
Q2 2023	25.26	23.82	4.62

Period	P/E	Adjusted P/E	Price/book
2013	-	-	-
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	-	-	-
2020	-	-	-
2021	-	-	-
2022	-	-	-

Business Segments (Million)

Compared With The

Period	Pharmaceutical products	Consumer Health Products
Q1 2021	107.12	14.70
Q2 2021	174.82	18.23
Q1 2022	203.09	40.70
Q2 2022	207.60	30.70
Q3 2022	206.65	31.11
Q4 2022	180.05	16.79
Q1 2023	258.50	42.35
Q2 2023	256.14	42.26

Period	Pharmaceutical products	Consumer Health Products
2020	731.16	74.15
2021	663.46	72.22
2022	797.38	119.30

Analysts Estimates (Million)

Item	Q2 2023 (e)	Q2 2023 (a)	Change‬
Average	60.00	86.27	43.78 %

Estimates vs Actual (Million)

Item	Q2 2023 (e)	Q2 2023 (a)	Change
Al Rajhi Capital	60.00	86.27	43.8 %

Financial Ratios

	Current
Market Cap (M Riyal)	10,836.00
Enterprise Value (EV) (M)	10,714.18
Shares Outstanding ((M))	70.00
EPS ( Riyal) (TTM)	4.99
Book Value (BV) ( Riyal)	20.64
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	31.01
P/E (TTM)	31.01
Price/book	7.50
Return on Average Assets (%) (TTM)	19.9
Return on Average Equity (%) (TTM)	24.9

Jamjoom Pharmaceuticals Factory Co. (JAMJOOM PHARMA)

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Jamjoom Pharma net profit up 82% to SAR 170.7 mln in H1 2023; Q2 at SAR 86.3 mln

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Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million)

Revenue by Business Segment (Latest) 2023 Q2

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

Jamjoom Pharmaceuticals Factory Co. (JAMJOOM PHARMA)

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Jamjoom Pharma net profit up 82% to SAR 170.7 mln in H1 2023; Q2 at SAR 86.3 mln

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Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q2 2023

Revenue by Business Segment (Latest) 2023 Q2

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

Jamjoom Pharmaceuticals Factory Co. (JAMJOOM PHARMA)

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Business Segments (Million)