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EIPICO reports EGP 5bn sales in 2023, eyes EGP 6.5n revenues in 2024

EIPICO reports EGP 5bn sales in 2023, eyes EGP 6.5n revenues in 2024
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Cairo – Mubasher: Egyptian International Pharmaceutical Industries (EIPICO) surpassed the set targets with total sales exceeding EGP 5 billion in 2023, according to a press release.

Initial estimates indicate export revenues of around $54 million, representing a market share of 26% of Egypt's total exports and nearly 30% of Egyptian pharmaceutical exports to Africa.

Furthermore, EIPICO achieved a production volume of approximately EGP 5.60 billion in 2023.

The EGX-listed company invested around EGP 3.80 billion in the development and upgrading of all its facilities, departments, and branches, as well as the EIPICO 3 project.

Meanwhile, the company aims to inject investments exceeding EGP 800 million in 2024 to boost its growth plans.

Ahmed Kelani, Chairman of EIPICO, commented: "In a bold move towards growth, our company aims to achieve robust revenues exceeding EGP 6.50 billion in 2024, encompassing both the domestic market and export sales.”

“We are confident that our strategic initiatives and unwavering commitment to quality will propel us beyond this goal, solidifying our position as a leading force in the industry," Kelani added.

In the first nine months (9M) of 2023, EIPICO’s consolidated net profits after tax hiked to EGP 644.14 million from EGP 417.79 million in 9M-22, including minority interest.