Marocaine Ste de Therapeutique (Sothema), the Moroccan pharmaceutical group led by Lamia Tazi, demonstrated its financial resilience in its 2022 fiscal year, despite operating in a challenging environment.
The group’s recently published financial results show that it maintained a net profit of MAD282.1 million ($27.6 million) at the end of the fiscal year, representing a slight increase from the previous year’s figure of MAD281.9 million ($27.58 million), a five basis point rise.
Sothema’s impressive financial performance in 2022 is particularly noteworthy given the significant inflation of input costs and disruptions to global logistics networks that affected the company’s operations.
Despite these challenges, the pharmaceutical group’s revenue rose by 9.3 percent from MAD2.058 billion ($201.43 million) to MAD2.25 billion to ($220 million), driven by new product launches, a more extensive promotional team, more efficient distribution channels, and active participation in scientific, medical, and pharmaceutical events.
The group’s impressive financial results for 2022 reflect the company’s operational excellence and the resilience of its business model in the face of challenging conditions.
Despite facing inflationary pressures and disruptions to global logistics networks, the company has continued to prioritize maintaining its high-quality standards.
As a result of its impressive financial performance, the board of directors has recommended the distribution of a gross dividend of MAD180 million ($17.6 million) to shareholders.
The move is a testament to the company’s commitment to rewarding investors and maintaining its strong financial position.
Sothema is Morocco’s leading healthcare company, producing about 60 million pharmaceutical units per year and managing a diverse portfolio of 35 global laboratories that develop and sell products to Europe, the Maghreb, Sub-Saharan Africa, and the Persian Gulf.
Lamia Tazi, the chairperson and CEO of Sothema and a prominent investor on the Casablanca bourse, holds a significant 8.4-percent stake in the company, which equates to 605,030 issued shares.
Following the group’s impressive financial results, which demonstrated operational excellence and a resilient business model, Sothema’s shares rose by 5.38 percent to MAD1,370 ($134.1) during today’s trading on the Casablanca bourse, bringing the company’s market capitalization closer to the $1 billion threshold.