Morocco-based pharmaceutical company Marocaine Ste de Therapeutique (Sothema) has posted MAD130.95 million ($14.45 million) in net profit for the half-year period ending on June 30.
Sothema specializes in the manufacturing and sale of medicine and is led by Chairman and CEO Lamia Tazi.
The company produces about 60 million units of drugs annually and operates a diversified portfolio of 35 multinational laboratories producing and exporting goods to Europe, the Maghreb, Sub-Saharan Africa and the Persian Gulf.
The Morocco-based drug maker is controlled by the multimillionaire Tazi and Berrada families, who hold a controlling stake in the drug manufacturer.
Information contained in the company’s recently published financial indicators revealed that Sothema’s net profit for the first half of 2021 grew by 17.1 percent compared to the MAD111.84 million ($12.34 million) that it posted during the same period last year.
Meanwhile, its revenue increased by 17.2 percent from MAD840.22 million ($92.72 million) in 2020 to MAD984.72 million ($108.64 million), driven primarily by the return of business and economic activity to pre-pandemic levels.
The strong growth in the company’s operating environment was supported by business strategies to boost sales by enriching its drug portfolio.
Consequently, Sothema has consolidated and strengthened its fundamentals in terms of commercial and operational excellence.
In addition, the company has identified pipeline investment opportunities that will support its growth as a going concern.
As of press time, Oct. 1, shares in the Morocco-based drug manufacturer were worth MAD1,450 ($159.98) per share, while its market capitalization was valued at MAD10.44 billion ($1.15 billion).