Macro Group Pharmaceuticals has stated that it aims to increase its exports during the coming period, as exports stand now at about 5% of the company’s total revenues.
Zeina Shaheen, the company’s Investor Relations Officer, said that Macro aims to achieve EGP 1bn in sales during the current year, in conjunction with capturing a larger market share.
Shaheen told Daily News Egypt that the company is facing inflationary pressures in the current market through a plan to reduce costs, adding that the increase in costs is the reason behind the decline in the company’s profits, especially the costs of raw materials.
The accumulated net profits decreased by 69%, during 3 months, to reach EGP 9.44m, compared to EGP 30.67m during the corresponding period of last year.
She added that the company adopts Egyptian alternatives in the packaging process to reduce costs, with a focus on improving the company’s profit margins.
Shaheen expected an improvement in business results, supported by a change in the company’s pricing policy, by raising product prices by up to 30%.
She explained that the company’s products replace imports and compete with imported products in the Egyptian market, with high value and quality, and at balanced prices, especially since the products combine value and price.
The company recorded a growth in total revenues by about 15%, to reach EGP 155.2m, compared to EGP 134.9m.