Saudi Arabia's generic drugmaker Jamjoom Pharmaceuticals Factory Co. said net profit for the second quarter of 2023 rose 71% to 86.3 million riyals ($23 million) in the second quarter of 2023 from SAR 50.4 million in the same period last year.

Revenue jumped 25.2% year-on-year to SAR 298.4 million, the company said in a statement to the Saudi stock exchange.

Net profit for the first half of 2023 surged 81.7% to SAR 170.7 million, as revenue increased 24.5% to SAR 600.3 million.

Capital expenditure stood at SAR 19.1 million in H1 2023, 68% below spending in 1H 2022,  due to the completion of the investment cycles for the upcoming Egypt main facility and Jeddah sterile facility.

Jamjoom Pharma intends to continue to expand within the MEA region and aims to enter selected additional markets in the coming years, the statement added.

Earlier this month, the company’s board declared a 10% cash dividend, or SAR 70 million, for the first half of 2023.          

(Editing by Brinda Darasha; brinda.darasha@lseg.com)