Ibn Sina Pharma credit facility from 18 local banks increases to EGP2.95bn

The consolidated financial statements of IbnSina Pharma Company revealed that the company credit facility increased by 87.80% during the first 9 months of 2022, to reach 2.945 billion pounds at the end of last September, compared to 1.568 billion pounds at the end of 2021, an increase of 1.376 billion pounds. .

Due to the increase in payment of suppliers’ dues from previous periods, as well as the increase in purchases compared to the comparable period, and the establishment of new branches due to the expansion of the company’s activity, in addition to paying operating expenses and financing projects under implementation.

Some of these facilities are without guarantee, while others are guaranteed by bills receivable or an insurance policy with part of the stock in favor of banks.

The credit facility granted to the company was provided by a consortium of 18 different banks, all operating in the Egyptian banking market.

CIB Egypt was contributed the largest share to the credit facility granted to “IbnSina Pharma”, with a share of 26.08% of the total facility granted to the company by the end of September 2022.

These facilities reached 768.057 million pounds by the end of the third quarter of 2022, after it increased by about 67.69% during the first 9 months of last year.

While Ahli United Bank was the second largest contributor to “IbnSina Pharma”, with a share of 15.35% of the total facilities granted to the company at the end of last September.

The bank provided credit facilities to the company reached 452.054 million pounds at the end of the third quarter of 2022, compared to 162.236 million pounds at the end of 2021, an increase of 289.817 billion pounds.

Credit Agricole-Egypt granted the company credit facilities with 322.286 million pounds at the end of last September, compared to 290.057 million pounds at the end of 2021, an increase of 32.228 million pounds.

Furthermore,  “IbnSina Pharma” obtained credit facilities from Emirates NBD-Egypt, reached 265.185 million pounds at the end of the third quarter of 2022, compared to 171.444 million pounds at the end of 2021, an increase of 93.741 million pounds.

In addition to, Banque du Caire gave the company credit facilities reached 221.427 million pounds at the end of last September, compared to 5.260 million pounds at the end of 2021, an increase of 216.167 million pounds.

NBK-Egypt granted facilities to “IbnSina Pharma” reached 202.733 million pounds at the end of September 2022, compared to 64.595 million pounds at the end of 2021, an increase of 138.138 million pounds.

Attijariwafa bank granted facilities to the company reached 128.465 million pounds at the end of the third quarter of 2022, compared to 90.121 million pounds at the end of 2021.

While the credit facilities granted by HSBC to the company increased from 31.242 million pounds at the end of 2021 to 118.706 million pounds at the end of last September, an increase of 87.464 million pounds.

However, “IbnSina Pharma” obtained credit facilities from “QNB Al Ahli” with 36.539 million pounds at the end of the third quarter of 2022, compared to 17.098 million pounds at the end of 2021.

Yet, the National Bank of Egypt granted credit facilities to the company, reached 76.040 million pounds at the end of last September, compared to 22.930 million pounds at the end of 2021, an increase of 53.110 million pounds.

The remaining credit facilities were distributed among other banks including Suez CBank, AAIB, Alexbank, ADIB Egypt, Banque Misr, Mashreq Bank, Bank Audi, and FAB Misr.

Ibn Sina Pharma is a leading Egyptian company in the field of pharmaceutical distribution, specializing in distributing the products of more than 350 companies of the most prominent names in the pharmaceutical industry and personal care products on the local and international level, and its customer list includes more than 35 thousand customers from wholesalers, retailers, pharmacies and public hospitals. Private and health units spread across all Egyptian governorates.