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Rameda's profit up 36.5% in 2020 on higher revenue; bonus issue proposed

Rameda's profit up 36.5% in 2020 on higher revenue; bonus issue proposed
Revenues rose to EGP 960.16 million last year
Rameda
RMDA
1.87% 2.73 0.05

Cairo – Mubasher: Tenth of Ramadan for Pharmaceutical Industries and Diagnostic Reagents (Rameda) posted net profits of EGP 111.51 million in 2020, up by 36.5% year-on-year (YoY) from EGP 81.67 million, including minority shareholders’ rights.

The profits attributable to the equity holders of the parent company amounted to EGP 112.18 million last year, compared to EGP 82.39 million in 2019, while the losses attributable to non-controlling interests reached EGP 665,531, compared to EGP 714,241 in 2019, the company said in a bourse disclosure on Tuesday.

Over the course of 2020, revenues rose to EGP 960.16 million from EGP 893.9 million a year earlier.

As for standalone business, the pharmaceutical company logged EGP 112.9 million in net profits, up from EGP 82.98 million in 2019.

The board of directors recommended a 0.301-for-one bonus issue valued at EGP 57.85 million as dividends for 2020’s earnings.

Accordingly, the issued capital will be increased to EGP 250 million distributed over 1 billion shares at a nominal value of EGP 0.25 apiece.

The proposal will be referred to the company’s extraordinary general meeting (EGM) for approval.

During the first nine months of 2020, Rameda achieved net profits of EGP 68.16 million, compared to EGP 31.14 million in the corresponding period a year earlier.