Key Takeaways from Africure’s Q1 2024 Interim Report
- Africure operates manufacturing plants in five countries and has distribution companies in various sub-Saharan African countries.
- The company faced lower revenues in the key markets of Cameroon and Tanzania due to market factors and a temporary plant closure due to a fire accident, but the plant has resumed full-scale operation, and efforts are underway to acquire new customers.
- Delays in calls for tender and ordering process in various geographies also led to revenue shortfalls in some business segments.
- Company observed promising growth in the Rx promotion business and brand development strategies. Over 100 products from the R&D pipeline are ready for filing in various African geographies.
- Africure’s commitment to maintaining high quality and compliance standards is evident in their completion of planned Quality & ESG compliance initiatives & audits.
- The Group achieved 70% of its budgeted revenue & 60% of profitability estimates for Q1 June 2023-2024. Revenues for the quarter amounted to approximately USD 6.57 Mn.
- Operational EBIDTA for the quarter stood at USD 775k, lower than the previous year due to a dip in revenue. Profit after tax was lower at USD 91k due to higher depreciation costs.
- The company’s Debt Equity ratio dropped to 0.93 from 1.24 in the previous year. The Board continues to reinvest profits for growth and has not declared any dividends for the period.
- The business outlook is positive with a strong orderbook for Q2, with an expectation to achieve a revenue of ~USD 8.50 Mn in the next quarter and annual revenue between USD 40 Mn to USD 42 Mn.
- Africure reiterates its commitment to enrich value for all stakeholders and increase local manufacturing capacities in Sub-Saharan Africa.
About Africure Pharmaceuticals Ltd (AFRP.mu)
Africure Pharmaceuticals Ltd is a manufacturer and distributor of high quality essential medication in Africa. It was incorporated on 17 March 2017 and holds a Global Business Licence issued by the Financial Services Commission. The principal activity of the Company is investment holding, trading & procurement of pharmaceutical products. Africure Pharmaceuticals Ltd is listed on the Stock Exchange of Mauritius
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