The Egyptian International Company for Pharmaceutical Industries (EIPICO) announced on Sunday the formation of the Arab Company for Pharmaceutical Raw Materials as a joint stock company, in cooperation with ACDIMA Company and the Suez Canal Economic Zone for Investment Company, the company declared in a statement to the Egyptian Stock Exchange, adding that the paid-up capital of the new company amounts to 10 million pounds.
EIPICO announced that the new company aims to deepen and localize the pharmaceutical industry and the manufacture of active and inactive raw materials, intermediates, concentrates, chemicals, and necessary additives for pharmaceutical raw materials.
The company will be established in the industrial zone in Ain Sokhna over an area of 85 thousand square meters, indicating that the estimated investments of the project in the first phase amounts to $101 million, in addition to $60 million in the second phase.
The first phase of construction is expected to start this year, and will take approximately 32 months.
It is noteworthy that the Egyptian International Pharmaceutical Industries – EIPICO – recorded a net profit of 509.28 million pounds from the beginning of January until the end of June 2023, compared to 304.38 million pounds in profits during the same period last year, taking into account minority rights, while the company’s sales rose during the six months to 2.26 billion pounds, compared to 1.73 billion pounds during the same period last year.
