The Ministry of Public Enterprises Sector revealed that the state-run HoldiPharma targets to achieve about EGP 7.5bn in revenues in fiscal year (FY) 2022/23, a growth of 34% compared to 2020/21. In addition, the company aims to achieve a net profit of EGP 642.3m, with a growth rate of about 70%.
The value of targeted exports in FY 2022/23 stands at EGP 466m, with a growth rate of 34.7% compared to 2020/21.
The Minister directed the management of the company to work on achieving economic exploitation of the available material and human resources, and to complete modernization and development projects for production lines to keep pace with the global development in the pharmaceutical industry, and to produce new preparations while activating efforts made in the field of marketing to develop exports, open new markets and develop scientific offices.
He pointed to the need to open new sources to purchase raw materials and production requirements to ensure obtaining the best prices, limiting imports to items not produced locally, in addition to rationalizing inventory and activating collections from customers.
The General Assembly of HoldiPharma agreed to sign an about EGP 870m loan guarantee contract from local banks to finance development operations and comply with the requirements of Good Manufacturing Practice (GMP) in the subsidiaries.