Jamjoom Pharma logs 78% profit leap in 9M 2023 to SAR 247.9 mln; Q3 at SAR 77.2 mln
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Jamjoom Pharmaceuticals Factory Co. (Jamjoom Pharma) posted a net profit of SAR 247.9 million in 9M 2023, leaping 78% from SAR 139.6 million a year earlier.
Financials (M)
| Item | 9m 2022 | 9m 2023 | Change |
|---|---|---|---|
| Revenues | 719.84 | 891.86 | 23.9 % |
| Gross Income | 468.51 | 584.93 | 24.8 % |
| Operating Income | 195.06 | 271.14 | 39.0 % |
| Net Income | 139.56 | 247.92 | 77.6 % |
| Average Shares | 70.00 | 70.00 | - |
| EPS (Riyals) | 1.99 | 3.54 | 77.6 % |
The profit increase was buoyed by 24.1% revenue growth year-on-year (YoY) due to higher sales volume, new product launches, and price adjustment for some key products that was obtained in 2023. The company also cited a 94.6% drop YoY in finance costs. However, the selling and distribution expenses increased by 12.1% YoY.
Current Quarter Comparison (M)
| Item | Q3 2022 | Q3 2023 | Change |
|---|---|---|---|
| Revenues | 237.76 | 292.61 | 23.1 % |
| Gross Income | 151.13 | 187.23 | 23.9 % |
| Operating Income | 60.03 | 84.67 | 41.1 % |
| Net Income | 45.60 | 77.25 | 69.4 % |
| Average Shares | 70.00 | 70.00 | - |
| EPS (Riyals) | 0.65 | 1.10 | 69.4 % |
The third-quarter earnings leapt 69% to SAR 77.2 million, compared to SAR 45.60 million in the year-ago period, driven by a 23.1% leap YoY in revenues and a 92.2% drop in finance costs.
On a quarterly basis, the company posted a 10.5% decline in Q3 profit from SAR 86.27 million.
Shareholders’ equity, no minority interest, increased to SAR 1.36 billion as of Sept. 30, 2023, compared to SAR 1.28 billion a year earlier.
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| 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 % |
| Q3 2023 | 292.61 | 23.1 % | 187.23 | 23.9 % | 84.67 | 41.1 % |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS Before XO Items |
|---|---|---|---|---|---|---|
| Q1 2023 | 84.40 | 93.9 % | 1.21 | - | 84.40 | 1.21 |
| Q2 2023 | 86.27 | 71.1 % | 1.23 | - | 86.27 | 1.23 |
| Q3 2023 | 77.25 | 69.4 % | 1.10 | - | 77.25 | 1.10 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| Q1 2023 | 64.62 % | 28.21 % | 23.76 % |
| Q2 2023 | 65.22 % | 29.98 % | 25.44 % |
| Q3 2023 | 65.25 % | 30.78 % | 26.33 % |
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Adjusted EPS (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| Q1 2023 | 70.00 | 3.03 | 3.31 | 18.13 |
| Q2 2023 | 70.00 | 3.54 | 3.76 | 19.36 |
| Q3 2023 | 70.00 | 4.00 | 4.09 | 19.45 |
Multiple Ratios (End of Period Price)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| Q1 2023 | - | - | - |
| Q2 2023 | 25.26 | 23.82 | 4.62 |
| Q3 2023 | 28.98 | 28.28 | 5.95 |
Business Segments (Million)
Q3 2023
| Period | Pharmaceutical products | Consumer Health Products |
|---|---|---|
| Q1 2023 | 258.50 | 42.35 |
| Q2 2023 | 256.14 | 42.26 |
| Q3 2023 | 251.49 | 41.12 |
Analysts Estimates (Million)
| Item | Q3 2023 (e) | Q3 2023 (a) | Change |
|---|---|---|---|
| Average | 71.00 | 77.25 | 8.80 % |
Estimates vs Actual (Million)
| Item | Q3 2023 (e) | Q3 2023 (a) | Change |
|---|---|---|---|
| Al Rajhi Capital | 71.00 | 77.25 | 8.8 % |
| Current | |
| Market Cap (M Riyal) | 10,962.00 |
| Enterprise Value (EV) (M) | 10,840.18 |
| 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) | 31.37 |
| P/E (TTM) | 31.37 |
| Price/book | 7.59 |
| Return on Average Assets (%) (TTM) | 19.9 |
| Return on Average Equity (%) (TTM) | 24.9 |
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