Marocaine Ste de Therapeutique (Sothema), a Morocco-based pharmaceutical company controlled by the multimillionaire Tazi and Berrada families, has reported a double-digit percent increase in revenue in 2021 driven by the gradual recovery of the economy.
According to its activity indicator for the fourth quarter of 2021, its revenue for the year climbed by 13.7 percent, from MAD1.81 billion ($189.6 million) in 2020 to more than MAD2.06 billion ($217 million), driven by robust growth throughout its major operational sectors.
Sothema produces more than 60 million units of pharmaceuticals every year under the supervision of Chairman and CEO Lamia Tazi, a successful business leader who owns 3.93 percent of the firm.
It manages a diverse portfolio of 35 global laboratories that manufacture and sell commodities in Europe, the Maghreb, Sub-Saharan Africa and the Persian Gulf.
The prominent pharmaceutical business stated that the substantial rise in its revenue could be attributed to solid commercial performance on the national and foreign markets, as well as a gradual return to normal activity in the pharmaceutical sector.
“The performance reflects our ability to navigate the muddy waters of the pharmaceutical industry while maintaining operational aggregates in terms of sales volume and profitability at customary and satisfactory levels,” the management stated.
Aside from the advantages of implementing its external expansion strategy, the group benefited from the launch of four new high-value-added products in 2021, which contributed considerably to the rise in sales and revenue during the period under review.
Sothema’s net debt declined by 48 percent over the period, from MAD232 million ($24.4 million) to MAD121 million ($12.7 million), owing to the company’s capacity to produce cash flow from its operations despite the impact of the COVID-19 pandemic.
To assure long-term revenue and operational growth, it also committed MAD41 million ($4.32 million) for the acquisition of facilities, tools and pharmaceutical product licenses during the year.
As of press time on Feb. 26, shares in the pharmaceutical firm were trading at MAD1,600 ($168.6), giving the Tazi-led group a Casablanca bourse valuation of MAD11.52 billion ($1.21 billion).