Cairo – Mubasher: Tenth of Ramadan for Pharmaceutical Industries and Diagnostic Reagents (Rameda) reported a of 59% year-on-year decline in consolidated net profits during the first nine months of 2019.

Net profits plunged to EGP 31.14 million in the nine-month period ended 30 September, compared to EGP 76.64 million in the year-ago period, including minority shareholders’ rights, the pharmaceuticals company said in a bourse disclosure on Wednesday.

Meanwhile, the company generated EGP 618.7 million in revenue during the January-September period, up from EGP 572.03 million in the corresponding period of 2018.

On 28 November, Rameda offered 18.8 million shares in an initial public offering (IPO) at EGP 4.66 per share.

Rameda’s public offering includes a maximum of 18.8 million shares, or 5% of the total offered shares, while the private placement includes 357.7 million shares.

Sources revealed that the public offering was oversubscribed by 19.6 times by 12:00 pm, while the private offering was oversubscribed by 117%.