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Steady Growth But Waiting for Synergy Benefits

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Ibnsina Pharma’s (ISPH) 2019 net income of EGP329mn (+25% y/y) could have come even higher had it not been for doubling financing costs on higher leverage. Operationally, gross profit increased 28% y/y to EGP1.44bn, backed by 25% y/y higher revenues. The BoD is proposing a cash dividend that yields 0.8% while propping up the company’s capital through a 17% stock dividend, opting to reinvest into the growing business. For now, we maintain our 12M PT at EGP11.45/share and our rating at Neutral / Moderate Risk.
For more details, please read the full report below.

200227-ISPH-2019-Results-En