SO.PRO.PHA, Tunisia's Leading Pharmaceutical Wholesaler, Releases 2023 Financial Statements
SO.PRO.PHA, Tunisia's premier pharmaceutical wholesaler and distributor, has published its financial statements for the 2023 fiscal year. Few people know that this company is also the first pharmaceutical manufacturer in Tunisia, having broken the public monopoly in 1983 by creating the Simed laboratory.
Financial Highlights
- Revenue: 201,288 Mtnd, up 7.8% year-over-year
- Gross Margin: 15,859 Mtnd, with a margin rate of 7.8% compared to 8.2% in 2022
- EBIT: 3,437 Mtnd, down 24.8% year-over-year
- Net Financial Charges: 2,683 Mtnd, up 33.8% year-over-year
- Bank Loans: 9,053 Mtnd, with additional loans of 0,452 Mtnd
- BFR (Balance Sheet Ratio): 16,149 Mtnd
- Net Income: 0,410 Mtnd, down from 2,005 Mtnd in 2022
Analysis
The increase in sales is offset by a decrease in margins, which is attributed to higher distribution costs (+14.8% to 9,445 Mtnd), administrative costs (+7.3% to 2,234 Mtnd), and other operating expenses (+34.4% to 0,742 Mtnd). The EBIT (Earnings Before Interest and Taxes)) has decreased by 24.8% year-over-year, is now established at 3,437 Mtnd.
The company's financial performance has been impacted by the rise in financial charges, the need for an adjustment mix of products to regain previous levels of profitability.
Note that we do not have details on the product mix of SO.PRO.PHA, which could have helped identify the origin of the margin decline. We believe that an adjustment of these products would be key to regaining previous levels of profitability.
