Ibnsina Pharma, Egypt's fastest-growing and the second-largest pharmaceutical distributor, succeeded in increasing its net revenues by 39% year-on-year (y-o-y) to reach EGP 13.3bn, in 2018, according to the company's audited results which were announced on Sunday. Ibnsina's gross profit for the period grew by 36% y-o-y to reach EGP 1.1bn in 2018, yielding a gross profit margin of 8.4%. while the company's operating profit grew 59.4% y-o-y to record EGP 412.7m during the same period. Moreover, earnings before interest, tax, depreciation and amortisation (EBITDA) grew at a rapid 49.6% y-o-y, recording EGP 573.9m for 2018, yielding an EBITDA margin of 4.3%. Accordingly, Ibnsina's net profit recorded EGP 262.5m, marking an increase by 50% y-o-y, despite one-off charges of EGP 59.7m incurred during the period. On quarterly basis, Ibnsina Pharma's revenues grew 35.5% y-o-y to EGP 3.9bn, while the gross profit stood at EGP 316.5m in the last quarter (Q4) of 2018, growing 38.4% year-on-year and yielding a margin of 8.1%. Ibnsina's operating profit grew at a rapid 42.3% y-o-y during the period to record EGP 118.8m, representing an operating profit margin of 3.1%. While EBITDA recorded a significant 50.5% increased y-o-y to record EGP 167.2m during the quarter, with EBITDA margin standing at 4.3%. Net profit recorded EGP 74.2m in Q4 of 2018, growing at a remarkable 172.8% y-o-y to yield a net profit margin of 1.9%.
