Cairo – Mubasher: Ibnsina Pharma aims at raising its sales by 30% in 2017, managing director Mahmoud Abdel Gawad told Reuters.
The pharmaceuticals company targets achieving sales of EGP 9.6 billion in 2017, against EGP 7.36 billion in 2016, Abdel Gawad highlighted.
The Egyptian company plans to boost its capital by adding EGP 280 million of total EGP 1.56 billion from its initial public offering (IPO), he added.
Ibnsina seeks boosting its annual profits to EGP 190 million this year, against profits of EGP 101.7 million last year.
The CEO noted that the company aims at raising its market capitalisation to 20% by the next year from 19% in the current year.
The company plans to invest about EGP 700 million to increase distribution and operation centres to 74 centres from 55 over the coming five years, Abdel Gawad continued.
Ibnsina had previously posted a 75.2% year-on-year growth in net profit for the first nine months of 2017.
