Africure Pharmaceuticals Ltd: The company has reached 66% of its projected revenue and 63% of its estimated profitability for H1 September 2023-2024.

Published On: December 13, 2023Company: Africure Pharmaceuticals Ltd (AFRP.mu)
What are Africure's expectations for H2 revenue and the closing annual revenue?
Africure expects to generate revenue of around USD 20 million in the second half of the year. They expect to close the annual revenue at between USD 34 to 36 million.

Summary

  • Africure Pharmaceuticals Ltd. presents the unaudited results for the second quarter and first half of the year ending 30th, September 2023.
  • The company operates manufacturing plants in various African and Asian countries, with distribution companies spread across Sub-Saharan Africa.
  • The company dealt with business challenges in Tanzania and Cameroon due to low liquidity in the market.
  • Delays in tender procedures in Burkina Faso and Cote d’Ivoire impacted the company’s H1 revenues.
  • Africure improved its operating margins, despite the market conditions necessitating greater working capital investments.
  • Promising growth has been noted in the company’s Rx promotion business and brand development strategies.
  • Africure’s R&D pipeline is positive, with over 100 products ready for filing in various African geographies.
  • The company completed its Quality & ESG compliance initiatives and audits.
  • The Group achieved 66% of budgeted revenue and 63% of profitability estimates for H1 2023-2024.
  • The Ethiopia project is now completed, with operational licenses expected next quarter.
  • No dividends have been declared for the period as profits are being reinvested to maintain the growth momentum.
  • The company anticipates generating revenue of ~USD 20 Mn in the second half of the year, with an expectation to close annual revenue at between $34-$36 Mn.

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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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