Ibnsina Pharma · EGX:ISPH
Ibnsina Pharma — FY2024 Earnings Presentation
22 slides from Ibnsina Pharma's earnings presentation, 2025
Slide 1: Q4 Business Review
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Slide 2: ISPH: In Numbers
ISPH: In Numbers Mature, well-established and leading player in the supply chain landscape with a large network of operational sites, fleet and manpower to provide nationwide distribution. 23 Yrs. #1 52K 450 In Market Pharma Customers Suppliers Unique Shareholder Distributor in Pharmacies, Hospitals
Slide 3: ISPH: Business Overview
ISPH: Business Overview 5 primary business services achieving growth and diversifying revenue streams for higher sustainability, leveraging 23-year experience in supply chain management. Pharma FMCG Medical Digital 3PL & 4PL Distribution Distribution Promotions Services Services 2001 2021 2023 2020
Slide 4: ISPH: Ideal Timing for Investment
ISPH: Ideal Timing for Investment Unique business model representing an index to the Egyptian market with upside on multiple fronts. ISP Industry Market Potential Exceptional Dynamics Updates Upside Performance % Only Proxy New Rev. & Aging & Increase in Change in Price for HC MS Levels Full Effect
Slide 5: Market Share: ISP Market Share based on Value
Q4 MS +8% Market Share: ISP Market Share based on Value 2024: 33.0% Ibnsina Pharma leads the market in June 2024 in value & units 2023: 25.0% 4.00% 30 % 30.8% 3.50% 29.8% +6.5% 29.2% 3.00% 27.0% 2.50% 1 25 % 24.0% 24.3% 23.9% 23.9% 2.00% 1.50% 21.3% 20.6% 20.4% 20 % 20.0% 1.00% 0.50% 15 % 0.00% -0 .
Slide 6: Pharma Market: Total Pharma Market Growth
Pharma Market: Total Pharma Market Growth Exchange Rate pressure EDA to increase Prices resulting in a double-digit growth in market value 47bn >> 30% 86bn >> 41% Growth in Value Growth in Value FY, 2022: 159bn FY, 2023: 206bn FY, 2024: 292bn 91 81 62 61 57 59 46 42 43 42 37 37 Q1, 2022 Q2, 2022 Q3,
Slide 7: Pharma Market: Growth Drivers
FY 2024 vs 2023 Pharma Market: Growth Drivers Units ASP Growth leveraged by “Average Selling Price” growth compensating decline in “Units sold” 4% 48% 10 0 10 00 97 96 958 949 960 949 938 90 893 887 836 833 809 815 796 54% 80 0 80 77 72 % of Av. contribution of repriced items to 70 60 0 65 regul
Slide 8: Financial Performance Highlights: FY, 2024
Financial Performance Highlights: FY, 2024 Key highlights of 2024 business results 30.8% 21.7% 65% 89% YTD Market Growth in YTD Growth in Growth in Share Units Revenue EBITDA 23: 24.3% | +6.5% 1,069mn 24: 58bn | G: 65% 24: 2.5bn | M: 4.5% 23: 35bn | G: 53% 23: 1.3bn | M: 3.9% 3X 21% 443mn 21% Growth
Slide 9: Consolidated Revenue Analysis: Growth
FY 24 vs 23 Unit G FY 24 vs 23 Value G Consolidated Revenue Analysis: Growth 22% 65% Ibnsina Group achieves 72% QoQ revenue growth rate in Q4, 2024 191.0mn 22.9bn 2021 Revenue: 22.4bn | G: 17% 2022 Revenue: 22.9bn | G: 2% 2023 Revenue: 35bn | G: 53% 2024 Revenue: 57.9bn | G: 65% 20 .0 23 5% 18 .0 18
Slide 10: Pharma Revenue Analysis: Segments' Growth
FY 24 vs 23 Value G Pharma Revenue Analysis: Segments’ Growth 66% Achieving remarkable growth figures primarily from cash segments 22.8bn 2021 Revenue: 22.3bn 2022 Revenue: 22.8bn 2023 Revenue: 34.7bn 2024 Revenue: 57.5bn 17.9 18 FY 24 vs FY 23 Growth 16.1 16 Cash Segments Pharmacies 12.6 79% 14 9.1
Slide 11: Non-pharma Distribution: Revenue Analysis & Customer Portfolio
Non-pharma Distribution: Revenue Analysis & Customer Portfolio Non-pharma Distribution Business Model – Higher Margin Business Line with Great Potential – Picking up the pace, contributing with significance to bottom line Suppliers Revenue Profitability 2023 – e2025 2024 – e2025 1.6X 5,000 14 0% Fre
Slide 12: Medical Promotions: Clients & P&L Analysis
Total MP Performance YTD Dec 24 Medical Promotions: Clients & P&L Analysis MP Revenues MP Net Profit NPM High synergy diversification model with great impact on ISP’s growth performance with attractive NPM 145mn 58mn 40% Overview Contracts P&L 1.7X 1.5X Contract Value Revenue 7,000 150 Forecast 220
Slide 13: Ramp Logistics Review: Service Outline & Top Line Overview
Ramp Logistics Review: Service Outline & Top Line Overview Multiple revenue streams and increase in customers on-board; showing potential Services Revenue Analysis P&L Client Portfolio 35 0 70 % 14% 7 Sites, 40,000 PP EBITDA-M 20k Dry, 20k Ambient East & West Cairo 30 0 60 % 12% 3000 shipment/month
Slide 14: Gross Profit: Gross Profit Analysis
Gross Profit Growth Gross Profit: Gross Profit Analysis FY 24 vs FY 23 Achieving new heights of Gross Profit due to focus on CDG and GDT, ensuring sustainability of growth against rising economic challenges 75% 2021 2022 2023 2024 Cash Discount Given 7.5% 7.3% 7.4% 7.9% GPM GPM GPM GPM 1.6bn 1.6bn 2
Slide 15: Digitalization: Key Digital Products
FY Digital Sales Growth Digitalization: Key Digital Products 4,863mn Ibnsina builds digital capability to further secure sustainability, streamline processes, 157% Contribution: 17% (+2,970mn vs 23) strengthen ties with customers and suppliers, through a variety of digital solutions (vs 12%, FY 2023
Slide 16: OPEX Optimization: EBITDA-M vs OPEX to Sales
OPEX Optimization: EBITDA-M vs OPEX to Sales Cumulative EBITDA margin continues its steady incline against a steady OPEX : Sales decline, reflecting effective optimization efforts, paving the way to a healthy bottom line OPEX vs EBITDA (% of Sales - QOQ) EBITDA Value EBITDA Value 1,328mn 2,508mn +1,
Slide 17: Income Statement: 22 vs 23 vs 24
Income Statement: 22 vs 23 vs 24 ISP Consolidated 55% forecasted growth in net profit margin despite rising financial cost ISP Standalone AIM Consolidated Gross Sales (Growth: 65%) Gross Profit (Growth: 75%) OPEX (Growth: 52%) EBITDA (Growth: 89%) 4,397 2,508 57,910 (7.9 %) 1,665 (4.5 %) (3.0 %) 40
Slide 18: Financial Expenses: Debt Levels vs Interest Expense
Financial Expenses: Debt Levels vs Interest Expense Healthy spread maintained between EBITDA and Financial Expenses, maintaining spread of 1.7% over the last 2 Qs of 2024 2022 Int. Exp.: 477mn | EBITDA: 663mn 2023 Int. Exp.: 1.0bn | EBITDA: 1.3bn 2024 Int. Exp.: 1.7bn| EBITDA: 2.5bn 4,013 3,613 4,12
Slide 19: Margin Analysis: GPM, EBITDA-M, EBIT-M, NPM
Margin Analysis: GPM, EBITDA-M, EBIT-M, NPM Healthy margin improvement across all lines with exceptional performance on EBITDA and NP levels FY Margin Analysis +0.5% 2022 - 2024 Increase 7.9% 7.3% 7.4% +0.6% Increase +0.7% Increase 4.5% +0.5% Increase 1.6bn 2.5bn 4.4bn 3.9% 4.0% Value Value Value 3.
Slide 20: Net Debt Optimization: Most Indicative Financial Ratios on Debt
Net Debt Optimization: Most Indicative Financial Ratios on Debt Healthy drop in net debt to equity, net debt to EBITDA, and Debt Ratios reflecting positive balance sheet performance TTM Net Debt to EBITDA Net Debt to Equity 5.0 +0.1 +0.1 2.9 2.9 2.6 2.7 2.6 2.5 2.5 3.6 3.5 -0.62 2.2 2.0 2.7 2.8 2.4
Slide 21: Guidance: Key P&L & B/S Metrics Assumptions
Guidance: Key P&L & B/S Metrics EGP 2,649mn EGP 699mn % : Sales: 3.5% 2024: 443mn Forecasted 2025 full-year performance SG&A (+984mn) CAPEX Assumptions 2025: 33.8% +3% 90 , 00 0 40 % 20.8bn 25% 80 , 00 0 Difference 35 % 7,000 2.0bn Difference 50 % 4,000 922mn 40 % Market Growth 78,671 Difference (22
Slide 22: ibnsinapharma
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