Pharmaceutical industry: Sothema achieves a net profit of MAD 263.8 million in 2023

Hibapress

The industrial pharmaceutical laboratory Sothema achieved a consolidated net profit of 263.8 million dirhams (MDH) for the 2023 financial year, a slight decrease of 1.3% compared to the previous financial year.

“This result remains satisfactory in view of the unfavorable overall economic situation and non-recurring charges such as the outcome of the tax audit during the financial year”, underlines Sothema in a press release on its annual results as of December 31, 2023, recalling that excluding non-recurring charges, the increase in net profit would be +3.1%.

The consolidated turnover, for its part, stood at 2.49 billion dirhams (billion dirhams) in 2023, compared to 2.3 billion dirhams in 2022, i.e. growth of 8% explained by several factors such as the launch of new products, the commercial dynamism of a larger promotional team, the optimization of distribution channels, and participation in scientific, medical and pharmaceutical events.

As for Sothema's consolidated earnings before interest, taxes, depreciation and amortization (EBITDA), it amounted to MAD 490.1 million compared to MAD 506 million in 2022, a decrease of 3.1%. This decrease is explained by the increase in expenses, such as purchases of raw materials and external expenses.

At the end of the past financial year, the consolidated operating profit stood at MAD 435.2 million compared to MAD 449.6 million in 2022, a decrease of 3.2%. This evolution is in line with the variation in EBITDA over the period.

Taking into account the expansion investments planned for 2024, the Board of Directors has decided to submit for approval to the Ordinary General Meeting the distribution of a gross dividend of 122.4 MDH, or 17 dirhams per share.

In terms of prospects for 2024, Sothema assures that its activities should continue to grow profitably thanks to several levers, notably the expansion of medical coverage in Morocco, Morocco's policies aimed at promoting local industry, and international expansion through new representations in Africa and Arab countries.

The company also intends to focus on the constant enrichment of a diversified and high value-added pipeline, covering essential therapeutic areas, as well as on the strengthening of its social responsibility, with priority given to supporting professionals. health and patient associations through continuing training and therapeutic education.

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