Africure Pharmaceuticals Ltd achieved 90% of its budgeted revenue & profitability estimates

Published On: July 17, 2023Company: Africure Pharmaceuticals Ltd (
What efforts are Africure Pharmaceuticals Ltd making to increase local manufacturing capacities in Sub Saharan Africa?
Africure Pharmaceuticals Ltd is striving to increase local manufacturing capacities in Sub Saharan Africa by investing in new plants and continuously working on capacity building to enhance production volumes and resultant revenues. The Group believes that this will reduce dependence on imports and enable a greater level of self-sufficiency in pharmaceutical manufacturing and services.

Highlights of Performance

  • The Group has achieved 90% of its budgeted revenue & profitability estimates for the financial year 2022-23.
  • Annual revenue of ~USD 36.00 Mn, flat from the previous year.
  • Gross Margins have significantly improved to 38% against 35% in the previous year.
  • Operational EBIDTA at 9% annual growth (14% of revenue).
  • Profit after tax at USD 2.30 Mn against USD 1.30 Mn in the previous year.
  • Receivable Days at 180 days against 160 days in the previous year.
  • Inventory holding at 128 days against 112 days in the previous year.
  • ~USD 3.60 Mn invested on Capex.
  • Debt Equity ratio at 0.80 against 0.57 in the previous year.
  • Board has not declared any dividend for the period.

Current Business Outlook

  • The Group has a positive outlook across all its businesses and expects continued and consistent growth.
  • Expects revenue of ~USD 43 Mn in the coming year, with increased margins.
  • The Group’s ability to adapt & respond to changing market dynamics has helped to create a robust business model.
  • Ramp up in Cote d’Ivoire manufacturing, and the start of Ethiopian operations, will greatly enhance the Group’s growth.

Useful links

About Africure Pharmaceuticals Ltd (

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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