Cairo – Mubasher: Pharos Research has set the fair value (FV) of Ibnsina Pharma’s stock at EGP 13.5, with an “overweight” recommendation, according to a report released on Sunday.
The pharmaceutical firm posted a 29% year-on-year increase in revenues during the first quarter of 2019 on the back of a 17% rise in sales volumes, driven by 23% and 5% year-on-year growth in clients and deliveries, respectively.
Ibnsina Pharma’s business segments witnessed an improved year-on-year performance in Q1-19, leading to raising its market share to 19.7% in the three-month period ended 31 March, compared to 18.7% the year-ago period.
On an annual basis, pharmacy sales, which accounted for 69.5% of overall sales, surged by 29%, while wholesaler sales, which made up 12.1% of total sales, rose by 4%.
The Egypt-based pharmaceutical distributor reported a 46.6% year-on-year profit growth to EGP 40.99 million in Q1-19, compared to EGP 27.95 million in the year-ago.
