Riyadh – Jamjoom Pharmaceuticals Factory Company (Jamjoom Pharma) has announced that its board has approved a corporate guarantee to support a credit facility for its joint venture in Algeria, Jamjoom Algeria Lil Dawa SPA.
The guarantee, issued to Société Générale Algérie SPA, will back a medium-term loan of DZD 1.60 billion (SAR 44.40 million) to Jamjoom Algeria. This loan will finance the addition of a specialized production line for ophthalmology products, enhancing the existing facility’s capacity and aligning with the company’s strategic objectives.
In compliance with Saudi law and proportional to its 49% shareholding in the joint venture, Jamjoom Pharma will guarantee DZD 784 million (SAR 21.75 million) of the loan.
In the first quarter of 2024, Jamjoom Pharma reported net profits of SAR 102.96 million, marking a 22% increase from SAR 84.40 million in the same period the previous year.
