Operator: On behalf of SNB Capital, I would like to welcome you to Earnings Call with Jamjoom Pharma's Management Regarding the Financial Results of Q3 2026. I would hand it over now to Mr. Muhammad Bin Khalid, Associate Director of Finance and Head of IR. He will be able to introduce the management and will kick off the presentation. Mohammed, if you could take over, please.
Muhammad Bin Khalid: Thank you, Noman. As-salamu alaykum. Good afternoon, everyone, and welcome to Jamjoom Pharma's earnings call for the third quarter and first nine months of 2026. My name is Mohammed Bin Khalid, Associate Director of Finance and Head of IR at Jamjoom Pharma, and thank you all for joining us today. Our Q3 earnings release presentation financial statements will be made available at the website after this call. Before we begin, please note that today's discussion may include forward-looking statements. These are based on our current expectations and are subject to risks and uncertainties, so actual results may differ. Please refer to the disclaimer on slide two of the presentation. I am pleased to be joined today by our CEO, Mr. Tareq Husni, and our CFO, Mr. Anwar Mohieldin.
Muhammad Bin Khalid: The presentation will take around 20 to 25 minutes, where the CEO will talk through the key strategic highlights, and the CFO will walk through the financial highlights. We will close with our guidance and then open the floor for questions. You can type your questions in the Q&A chat box at any time during the call or raise your hand once we open the line, and we will take as many questions as time allows. With that, I will hand over to Dr. Tareq. Dr. Tareq, please go ahead.
Tarek Hosni: Thank you, Mohammed. Good afternoon and good morning, everyone. We will start, to Mohammed's point, with giving you core business highlights on the nine months results of Jamjoom Pharma. Again, thank you for joining and thank you for our loyal investors and analysts that keep on following the company. Our results today is not going to come, hopefully, any short of your expectations. In a tough market, Jamjoom Pharma continue as you are used to and as always committed to deliver on commitments and to drive results that outpace the market growth even in tough environments. Let me start with, as I mentioned, the key business highlights, key figures, and then we will go deep into some project updates. We will speak about some financial analysis by my CFO, Anwar, and then we will move ahead into the Q&A after that.
Tarek Hosni: Without any further ado, the key financials, as you perhaps have seen it already in the announcements prior to this call. Revenue continued to play very solid, 7.1% growth year-on-year in a turmoil market environment. Our EBITDA continued to perform very well at similar growth to the top line, at 37.2% margin. Net margin is at 5%. Basically, there is a bit of a difference between mix and investment from our side as well into the future, as I spoke to you last time, and as we are going to allude to today. But still, very solid growth of net profit at 5%. Dividend per share, we continue to drive it assertively, so 21.4% year-on-year growth on what we are really giving as returns to our shareholders, which one of the key commitments of the executive leadership.
Tarek Hosni: Our CapEx, including KAEC, the most addition to our manufacturing facility, most recent addition is 9.7%. You take away KAEC investment in the CapEx, it would be within 5% to 6%, which is below our guidance. We have continued to drive as well our units produced per month and over the 9 months by almost 9%. Next slide. When you look at drivers for our growth, you will see, and I am happy that we can continue to deliver this for you. No matter how you cut it, you cut it by therapy area, you cut it by key country, or you cut it by basically portfolio contributors. At all levels, everything almost is growing. I say almost because we have only one BU, which is a little bit lagging behind because of the tough consumer spending in Saudi and across.
Tarek Hosni: I will start at the left-hand side with therapy area contribution. When you look at ophthalmology, cardiometabolic, dermatology, as well as to some extent primary care. These three areas, if I focus first on ophthalmology, cardiometabolic, and dermatology, are growing with the real growth of any real strong company performance in term of a normal year even growth, 13%, 22%, and 14%. Our consumer health and primary care, as I discussed with you last time, are the two therapy areas that are definitely heavily impacted by out-of-pocket spend and the lower than expected consumer spending, which is declining by almost 20% to 30%, depends on which data piece you refer to. If you look at this data by country, you see that all our countries, no exception, are growing.
Tarek Hosni: Saudi is at 5% growth, and we good market share gain, as I am going to share with you in a minute. Gulf at 11% growth, basically driven by UAE retail sector and Kuwait and Qatar institutional and tender business. Iraq still grow significantly at 16%, North Africa 8%, and Egypt 6% at constant currency. When you look at revenue contributor for growth by portfolio element, you see that both our strategic as well as our new products contribute almost to 63% to 64% of our growth, and the reminder comes from established brands. Next slide, please. Right. Unlike what we are used to, I thought today I will give you a quick glimpse on the market statistics.
Tarek Hosni: Because we have an unusual situation with what is happening this year in the external environment, I thought that I would bring it to your attention how Jamjoom Pharma is performing against the wider market space that we play within. In Saudi Arabia, if you look at the first 9 months, which is the year to date, or sorry, first 8 months, the year to date. We do not have the data yet for September. That is why I am giving you whatever data we have year to date, 8 months data. You can see that the Saudi market is very modestly, hardly growing at 0.3%. In reality, to be more accurate, 0.27%. Jamjoom Pharma is growing at 10.4%, so almost more than 10 times the market growth. It definitely is a lot more.
Tarek Hosni: This is enabling us to gain market share, but more importantly, a consistent number 2 this year rank for Jamjoom Pharma. If you take aside Eli Lilly, which as we all know, a one product company performance, one product for weight loss is constituting 90% or more of the sales of this company. If you take this aside, Jamjoom Pharma would be the number 1 player in the retail market. A performance that we are proud of having, especially in a tough market environment like this. That is why I would say we are really proud that we are outpacing the market growth in such a challenging environment. When you look at moving annual total, market is slightly benefiting from the last 4 months of 2025. That is why it grows better than the year to date at 5.3%.
Tarek Hosni: But even there, still Jamjoom Pharma has grown at 4 times the market growth at 20% on moving annual total, and again, gaining significant market share point, like 78 percentage points. What are the key contributors to basically the market lagging behind? I think I discussed some of these points with you last time, and I will try to summarize again the key ones. Basically, we are witnessing the destocking at the major pharmacy chain that constitute almost 60% to 70% of the total market in the retail space. We are seeing destocking between one third to 50% of the normal stock is reduced. So whoever was stocking for 120 days, today is going for 45 days. The lowest we are seeing is half of the stocking period of last year. That is significant, definitely, and it is impacting the business.
Tarek Hosni: It has some reasoning behind, if you want to link some of these points together. Definitely the liquidity constraints is driving what is happening and the nervousness on the pharmacy chain as well. The fact is that these main pharmacy chain are the ones that are really heavily dispensing Wasfaty products, and not getting their money of such dispensing as swift as what happened last year or the years before from the market. That is putting pressure on their ordering ability and on the liquidity as well, in addition to the overarching market liquidity issues caused by situations of the related to geopolitical situation and other situations in the market. You look at the basically institutional channel, you will find that majority of the orders are either put back, delayed or some of it is even canceled for the year.
Tarek Hosni: You see that the priority is given to emergency products and key products on chronic side of the disease area. As well, definitely the fact that we moved from one overarching tender until last year into this year, all of a sudden moving to 9 therapy area tenders, that as well is causing a lot of slowdown. One by one is going, and we do not even know the results of a major part of these 9 therapy area tenders until today, which is unusual for what happened the previous years. These elements plus others, but I wanted to focus for you on the key ones, are impacting the market slowdown and the lag behind that we are witnessing, especially in Saudi, but as well in other markets, definitely. Next slide.
Tarek Hosni: You look at the market in United Arab Emirates, which is our second basically key market in addition to Iraq. You will find that on a year-to-date basis as well on the left-hand side, the first 8 months, our performance in the market in United Arab Emirates is surpassing the market by almost twice the growth, more than twice the growth. So market is growing at 12%, we are growing at 28% growth and obviously gaining market share as well. On moving annual total, close to twice the market growth. The market is growing at 13.4%, we are growing at 23%. Obviously, better situation there. But this market was definitely growing more assertively the last few years. But definitely a better situation than Saudi, especially when you think of the fact that Saudi still constitutes above 60% of our business.
Tarek Hosni: You would have liked the Saudi market to be growing at this level, and this would have put us in an even far much more stronger situation, driving results as always. Moving into next slide. Just wanted to give you an update on the 6 priorities that we set ourselves for the second semester this year, and I shared with you for the first time last year where we were with every one of them. I just shared with you that we are really highly committed to outperform the market across our key markets and key therapy areas, and I give you a flavor of this in both the key top 2 markets, namely Saudi and the United Arab Emirates.
Tarek Hosni: The plant in King Abdullah Economic City, we are finalizing the acquisition, and as we speak, the transition is about to be fully completed before the end of this year and expected ramp up during the latter end of 2027. Vaccines and biologics, we are finalizing our plans as we speak, and we expect to be able to share with you some plans about the entity and the structure, and more solid plans for the coming few months, Inshallah. We spoke about securing our first registrations for biosimilars in our key inception market, Saudi Arabia, and pleased to tell you that one of them is very close to get registered and the other one we expect as well within the coming 2 to 3 months, Inshallah. So hopefully we will get our first biosimilar registration in Saudi Arabia before the end of this year.
Tarek Hosni: The second one hopefully can catch up before the end of the year or within the first quarter next year, Inshallah. Driving returns from the refreshed organizational structure. I think what I showed you so far is a testament of this. In a very challenging market environment with all the turmoil around us, Jamjoom Pharma is still able to show every single figure in green, almost every single figure. 95% of our figures are in green and are solidly driving and outpacing the market and many of the rivals in the marketplace as well.
Tarek Hosni: When it comes to accelerating digital transformation, we are very well on track, and we have chosen to really start introducing AI in 3 of our key critical areas, namely supply chain procurement and for this year as well, for the first time, we are having a trial on our budgeting for the whole year, the financial budgeting cycle. We are introducing AI as well for one of our key markets, and not focusing on every therapy area, but on some of the therapy areas. Supply chain procurement as well as the budgeting process. As we move on, we will introduce AI into more, hopefully, functions. I think the one that comes next into mind definitely is commercial marketing and some others will follow. But very pleased with the progress the team is enabling us to have to date. Next slide, please. Yeah.
Tarek Hosni: When we look at our strategic growth levers, pleased to update you as well on this slide, that it became a habit for us to share with you. Today, we wanted to put it in a different format so that really you have the focus on what do we have in-house, what do we have as a business development in licensed products? How is both of them contributing into our key therapy areas in term of expected quantitative number of products to be launched over the coming few years? But as well, I will update you in this slide about some of the most recent alliances that we have either announced as early as today, this morning, or others. Starting with the left-hand side of the slide, you can see that we have almost 25% under development in our pipeline in-house within our R&D team.
Tarek Hosni: We have about 38 products which is either submitted to Saudi FDA and awaiting registration or about to be submitted in the near horizon, within the coming 3 to 6 months. Then about 10 products, 6 in-house and 4 under license, registered in 2026. Great progress, I would say. On the business development front, we have already 12 products already under Saudi FDA review. One couple of them is the biosimilars that I spoke to you about a couple of minutes ago. We have signed in the last 9 months, more than 11 products, 4 only in the last quarter. In totality, we have about 27 agreements signed since we started really to invest into business development less than a couple of years ago.
Tarek Hosni: The two of them contribute basically between in-house and business development contribute to the very rich picture that you see on a by format. I am very pleased with whereby we see that our flagship therapy area, ophtha, is having about 22 products to come and be launched in the near and the not so distant future. Consumer health, about 12 products. Cardiovascular, about 8 products and hence, and forth. In every therapy area really, anti-diabetic, another 5 products to be added to the 8 or 9 already introduced into the market. Again, very pleased with the progress of this. Not as well pleased with the delay in some of the launches that you can see on this slide because of our continuous struggle with getting the APIs and goods on time to the marketplace.
Tarek Hosni: This year, we really suffered really and heavily on new products and on existing portfolio from delayed supply of critical API materials that delayed some of our launches or got us out of stock on some of our key products. We are dealing as we speak with it, and situation is improving. We hope that really the geopolitical situation will stabilize further so that we stop this bleeding of being late on new launches or not being able to supply the market on key existing brands. I mentioned to you on the biological side this morning, and I am pleased to share with you this because it is just a commence or a start of a long-term strategic alliance and partnership with Mubadala Bio in UAE. We signed today a deal to commercialize a couple of their biosimilars.
Tarek Hosni: One to start immediately, post-signing of this deal, and one to start pretty soon once we finalize the registration as well. Very pleased with this. Mubadala Bio is really supporting us. They are behind because Alvotech, the company that we got our two biosimilars from in Saudi Arabia they have partnership with, and they are the ones who helped us to get the rights for Saudi and some other markets as well, the full rights for commercialization, owning the product and everything. As well, in United Arab Emirates, they are giving us access on that front, and we are discussing many other areas where they are going to really enrich our access there. It is a market that we have very solid plans for growth. As I said, very pleased with the deal.
Tarek Hosni: The first product alone that we signed today will give us over the coming 4 to 5 years, about SAR 20 million, and that is only our share. We get 40%, again, 60% to them. So it is almost a SAR 50-plus million products in term of revenue over the coming 4 to 5 years. Others will come as I mentioned. On the contracted manufacturing front, the Pfizer portfolio impact will kick in the last quarter, basically. These are the products that we continue to be committed to manufacture for Pfizer in the plants that we acquire of them. Viatris portfolio as well, the first order, we had it in September, very pleased with this, and was a contribution of almost SAR 1 million revenue.
Tarek Hosni: So as you can see, we are really scoring points at every area that we said we are going to drive in terms of strategic alliance and in terms of expanding the business. Just another deeper focus on the KAEC, because in my last investors meeting, I got a few questions from people, and I felt a bit of perhaps a partial understanding of the added value of such acquisition. So basically, in our humble mind, we acquired this facility at a fraction of the cost that we could have built a similar facility. This is just the indirect cost comparison. By the way, I say that we could have paid, we would have, because we knew this is not a luxury. We knew that we are growing heavily in our OSD or oral solid dosage form format, and we need expansion.
Tarek Hosni: We were actually starting plans already when this came our way. As I said, we got it at a fraction of the cost. You do the math. I am saying almost 2.5x, we would have paid more. So this cost us almost 40% less of what we would have paid. As I said, this is just the direct cost comparison, guys. This will contribute basically heavily into the growth on OSD, and it is as opposed to us embarking on building a new facility, which would have taken us 4 or 5 years from now. This is a plug-and-play facility. So as I mentioned, we will work on the regulatory approvals and all the bits and pieces that we need to modify internally in the plant to get it ready.
Tarek Hosni: So we expect by Q3 of next year, it will be up and running, starting to contribute. This plant at the moment operates at almost 10%, if not slightly less, of its lowest capacity. We expect to ramp this up over the coming 3 years between 70%, 80% or to 100%. This will enable us really to meet a lot of expansion on OSD that is already embedded in the plans that is submitted by our general managers and commercial troops across our key active markets. So very pleased with this. As I said, why do I say this is just the direct cost comparison as well? Because 2 other elements you need to add in order to understand the real value of this facility.
Tarek Hosni: The cost I mentioned to you here when I mentioned it would have cost us 2.5 times the cost of this plant if we do one from scratch. That would have been a comparison of 10,000 square meter of a new facility we would have embarked to build versus this facility that we inherited, built on 11,500 square meter. So similar land, or this is even a more generous land that we have. But in reality, this is only 15% of the land that we have access to in the KAEC facility. We have the remainder of the land, whereby we can move from 15% current utilization into 70%. So we have another almost 55%. So another 3 plants with the size of the existing one, we can bring into this facility. So that is one heavy portion of the indirect benefit of such facility.
Tarek Hosni: And the other key indirect benefit that I am really happy with, and I know the value of it because of my formal leadership of such a company, Pfizer, I am very happy with the 40-plus people that we got well-trained, well, really groomed by Pfizer that can be added into our manufacturing team and bring new ideas and bring new ways of doing things, fresh approaches that really can enable us to learn really. But for them as well, to learn from the consistency and the efficiency and the real creative ways that our existing troops are operating at. So the maximization of such cross-pollination and cross learning is something that I am really looking forward to see it happen. As I said, three areas for this plant, growth and ramping up. One of them is the existing tolling from Pfizer products.
Tarek Hosni: We open as well the way for other strategic alliances in term of tolling that might come our way. By the way, we get these pitches many times, and we reject it. So maybe we will start to consider some of them. New launches on OSD front, and as well, key product transfers that we are going to have there over the coming few years. So very pleased with this deal, and definitely it is a key strategic deal that will add a lot of value to Jamjoom Pharma as we move on. It will dial in almost immediate, and I say almost because it will take it almost to 3 quarters to start fully contributing, but it is almost plug and play as I said. Next slide. Yeah.
Tarek Hosni: On the vaccines and biologic strategic alliance, we are working on the plans, finalizing it with the partnership that we have on such a critical strategic alliance, and we expect that we will announce something to you guys, as I said earlier, within the coming few months. Between now and 2030, whereby we are really eager to meet the Vision 2030 and to help the country localizing some of these vaccines and biologicals as we move on. Next slide. So basically, that is a slide to show, really, and I keep on reminding myself and my team with this, at such tough times that we are having, hopefully on transient basis within the external environment this year.
Tarek Hosni: While a lot of people are watching and seeing really and trying to maximize efficiency and based on that, Jamjoom is not saving anything but investing into the future, not saving any opportunity, but really driving at all fronts so that we prepare ourselves better than others and we are ready to hit the ground running 2027 and beyond again, once our expectation, hopefully, inshallah, will come to reality and markets are generally back to a proper momentum or Yeah, we expect as well, we are not kidding ourselves, that there will be a new norm, but hopefully this new norm will be slightly brighter than where we are today, and that is our expectation as well. On the left-hand side of the slide, we remind ourselves that the diversity on cost, geography, and portfolio is really something that differentiates us from the lot.
Tarek Hosni: This is a company that over the last 5 years has grown export outside Saudi Arabia by 16% year-on-year. Very strong growth above almost all the market growth that we operate within. The other diversity in the portfolio whereby we really have taken the consumer health market by surprise, and we are almost having a CAGR of 24% to 25% over the last 5 years. These two areas where we have very strong diversity in portfolio as well as in geography, keep us very positive about our momentum for the future, especially once Saudi comes back into the real or close to real growth and this market continue to dial in as it used to be over the last few years. Definitely we are better set for the future.
Tarek Hosni: As well, KAEC, I spoke to you about this facility will definitely enable us more to meet customer needs and patient needs on the OSD fronts and on other fronts as well, because we have the white space of the land that we are definitely willing to utilize in the recent future. Investing in infrastructure and talent, as I spoke to you last time, that keep on paying us dividends and enable us to continue to operate better than the market and many of the rivals. We keep on sharpening this, preparing ourselves for driving all our key projects and our key business and therapy areas in 2027 and beyond.
Tarek Hosni: I spoke to you about our readiness with at least 7 to 9 launches between in-license products and in-house products, which is a unique situation that I would like us to continue and even further enrich as we move forward. As well as the continuing to look for inorganic growth like the deal we have signed today with Mubadala, like the tolling that we perhaps would be more open with KAEC kicking in and some other, hopefully, expansion in our existing facility in Jeddah once we free some volume to KAEC. Overdue upgrades to be done there and preparing this as well to dial in into the future and help us with future growth, but as well enabling us to have more strategic alliances like the one we have with Viatris.
Tarek Hosni: With all this, I believe that Jamjoom Pharma is well set, really, with such investing into the future and during these soft market positions. Once things are back on track, hopefully over the coming year or two, we are very well set to drive the growth again, and to drive a good, even better market growth. With this, I will pass to Anwar to take you through some financial highlights, and then we will come back to Q&A. Anwar?
Anwer Muhiddein: Thank you, Dr. Tariq. Good afternoon, everyone. As Dr. Tariq outlined, we continue to grow against a softer market backdrop while investing in our commercial capabilities, manufacturing capacity, and future portfolio. Let me take you through the financials. Starting with revenue. Q3 revenue increased 4% year-on-year to SAR 355 million, with the growth led by the KSA and Europe. Gross profit increased 7% to SAR 223 million, with the gross margin expanding from 61% to almost 63%, supported by a more favorable product mix. EBITDA increased 6% to SAR 131 million, with EBITDA margin improving from 36% to 37%. EBITDA outpaced revenue growth as gross margin gains more than offset higher operating expenses. Net profit increased 3% to SAR 110 million, broadly in line with revenue growth, while net profit margin remained broadly stable at 31% compared with 31.2% last year.
Anwer Muhiddein: The takeaway is that gross margin expansion supported EBITDA growth ahead of revenue while net profit grew broadly in line with the revenue. Moving to the next slide. This slide shows the two sides of our cost base over the first 9 months. On the left-hand side, cost of revenue increased just 2% to SAR 454 million. Raw material and consumables cost declined 3%, helping offset higher salaries and employee-related costs, which increased 14%, and depreciation and amortization, which increased 13%. This reflects the continued shift towards strategic brands while higher manpower and depreciation costs reflect investment in future growth. On the upper right, direct production cost per unit sold declined by 0.2 per unit to SAR 3.1, supported by the continued favorable product mix shift and economies of scale from higher production volumes. We were shielded from the immediate impact of supply delays.
Anwer Muhiddein: Looking ahead, however, rising input and cost and slower levels of supplies are expected to put pressure on the unit cost in the coming days. On the lower right, operating expenses increased 13% to SAR 395 million, as gross margin gains were reinvested in commercial expansions. Selling and distribution expenses increased 14%. G&A expenses increased 17%, while R&D expenses declined 12% as its qualifying development costs were capitalized. Overall, raw material saving and production efficiency supported the cost base while we continued investing in commercial expansions and future growth. Moving to the next slide. On working capital, the cash conversion cycle increased 2% to 302 days, driven by receivable days increased 283 days, reflecting slower collection and regional liquidity pressure, as Dr. Tareq explained.
Anwer Muhiddein: This was partly offset by improved inventory management, while inventory days declined to 167 days and more favorable supplier payment terms with payable days increased to 148 days. Turning to cash bridge, we began the year with SAR 358 million in cash and generated SAR 210 million in operating cash flow during the first 9 months. Capital expenditure, including the Kite facility acquisition, was SAR 124 million, and dividend payment over the 9-month period totaled SAR 294 million. The balance sheet remains strong. We carried no debt and ended the 9-month period in a net cash position of SAR 146 million. Moving to the next slide. As Dr. Tareq already addressed in his slides, our capital allocation is focused on 5 priorities. Mainly portfolio expansion, R&D, and licensing growth to grow our pipeline of 62 products in-house and 26 licensed products.
Anwer Muhiddein: Portfolio acquisition, exploring acquisition of full product portfolio to add scale in priority therapy areas. Vaccine and biosimilars JV phase investment in our 49% stake with operations targeted from 2030. KAEC ramp-up, which Dr. Tarek already addressed, we are trying to utilize the KAEC facility. In the coming years, we hope that it will be utilized, as Dr. Tarek mentioned, up to 70% or expansion in our CapEx, which is a normal CapEx, added capacity at the main site to support our rising volumes and expansions in our geography. With this, I would like to hand over to Dr. Tarek for future guidelines. Dr. Tarek, you are on mute, I think.
Tarek Hosni: Thank you, Anwar. Without further ado, to give a chance for your questions and queries, guys. In a nutshell, our updated guidance, we are leaving everything as is with the exception, as you would appreciate, of the revenue growth. I promised you last time during Q2 that we will watch closely Q3 and then we will give you an update. We still aim at solid growth before the end of the year or by the end of the year. We thought that this is a better area to reflect really the market reality and what is happening there. From the 10% to 12%, we are bringing this year growth to 7% to 9%. We are leaving the EBITDA margin at the same, 33% to 35%, closer to the 5% than the 3%.
Tarek Hosni: Our CapEx at the SAR 6 million to SAR 9 million, and we believe by the end of the year even we will be meeting this including KAEC. Hopefully without any other pressing needs on the cash around, hopefully we can continue to fulfill commitments of 50% to 60% payout of dividend by annual basis. With this, I will stop here and invite any questions from your side.
Operator: Thank you, management, for that detailed brief of the company's performance. We will now start the Q&A. If you wish to ask a question, you can click on the raise hand icon on your webcast, or alternately, you can type in the questions on your Q&A box as well. We will wait for the questions to line up. Our first question is coming from the line of Mishaal Swaigh. Michel, if you can introduce your company before asking questions, that would be grateful.
Mishaal Swaigh: Hello. Good afternoon, gentlemen. Thank you for the presentation. Thank you, Dr. Tarek. Thank you, Mohammed Bin Khalid and SNB Capital for hosting the call. Just a question more regarding what is happening in the local market. Here my focus is more when it comes to change in regulations, which might have to do with the selection of cheaper product compared to Jamjoom Pharma portfolio. Also another one on the tendering. If time allows, maybe some thoughts on the consumer habits, if this is a sustainable trend that we should expect going into 2027, or just a matter of softer consumer spending as you highlighted, and liquidity for the short term, which management expects to rebound next year. Thank you so much.
Tarek Hosni: Thank you, Mishaal. Listen, basically, your two arms of the question, what is happening in the market, basically on the choice of cheaper products or tendering delays or whatever, and then basically, the consumer health near future prospect in our mind. The first two, as I said, Masha, last time, if you all guys remember during the Q2 meeting with you. There is definitely an element, whether we like it or not, of like any business cycle, there is an element of a slowdown in the Saudi market. The evidence of this that ahead of the war, ahead of any geopolitical impact, up to the end of February, the Saudi market was undergoing decline in the first couple of months.
Tarek Hosni: That shows really that there is an element of market correcting itself, a business cycle that is not anymore including new additions that are almost life change products and market change products like the weight loss and others that impacted heavily the market growth over the last few years. These are just a few of the dynamics that impacted the market, Masha. In cycles like this and in corrections like this, of course, it is no doubt that people will tend to look and the regulators will tend to look for how can we rationalize our spend. Do not forget, Wasfaty is now playing a significant portion of the market, almost contributing to 20%, 25% to 30%, depends of your company and your portfolio. But within the overall market, it is significant. Whether it is 20% to 30% of the market side in the retail market, that is significant.
Tarek Hosni: Wasfaty, from the initiation time, was actually driving and promoting that every pharmacist should dispense the cheapest product. The fact that there were certain manipulation to this or certain rule pending to this, Masha, does not mean that the rule was not always there. Of course, in times where cash is tight and whatever, people look on how to really strict more the rules, and if there are rule that is already there to help driving the case, but it is not implemented fully, it will be pushed to be implemented fully. I think there is nothing wrong with this. Whether this prioritize other products against Jamjoom Pharma or not, quite honestly, time will tell because we have as well some products that play within this space. We are winning in Wasfaty.
Tarek Hosni: I cannot claim and complain that we are a company that is suffering because of declining in Wasfaty. Even within this environment, Masha, that you are referring to and this environment, of course, Wasfaty driving really lower price product to be driven as well as the overall decline on consumer spending by 25% to 30% impacting over the 12 star market. We are still operating and we are still finding our space to drive growth. I do not expect significant impact of this. Market correction has happened. There is a new norm. We will set ourselves to this norm and we will move on. Tender, yes, definitely. As I told you, many elements are contributing to what is happening in the market, Masha. You know, timing is everything.
Tarek Hosni: No one knew when they chose to implement a new tender process, moving from one overarching tender to nine, that this would be complemented by geopolitical situation and war hitting the domestic ground and others. It is what it is. Obviously, liquidity pressure on spend and on cash and on everything. Tender is either you are witnessing delays or you are witnessing lower amount than what you were expecting, or sometimes even full ignoring of certain products and prioritizing others because it represents more emergency, as I said, and tackle the wider critical portion of the patients, which is the chronic ones that are more in need than others. I am hoping that this will clear up as we move on. Quite honestly, this is the one area, Masha, that I think will sustain with us a little bit in 2027.
Tarek Hosni: The reason I am saying this is the new tendering process has not settled yet. We are still not issued certain therapy area tenders. We do not know where we are going to end up with. I think this is one area, if you ask my humble opinion, it will sustain with us in 2027, and I do not expect that the tender recovery will come as soon as we expected. The third area on the consumer health business, this is a very solid business that we are very excited to have a business that is there to stay, especially post-COVID and the better consumer awareness.
Tarek Hosni: I am hoping, Mishaal, again, that once the consumer limitations with cash and the lower consumer spending will ease up if hopefully, and that is a big hope, the political situation stabilize or go back close to normal and whatever, that is a business that I believe that we will be able to get to put it back on growth, Inshallah. We are still very excited and very polished about the consumer health impact within our business. The one thing that I am eager to see sooner than later is us being able to launch ourselves into this space in other markets as well and see the success that we have seen in Saudi. That is my comments to your question. Thank you for the question.
Mishaal Swaigh: Thank you so much, Doctor. Very clear. Appreciate it. Thank you.
Tarek Hosni: Sure.
Operator: Thank you, Mishaal. Now we will be moving to our next set of questions, which is coming from the line of Mr. Ibrahim Atiyah. Mr. Ibrahim, if you can unmute yourself locally and introduce your company before asking questions.
Ibrahim Atiyah: Thank you, Noman.
Operator: Ibrahim.
Ibrahim Atiyah: Yes. Thank you, Noman and SNB Capital for hosting the call, and congrats Jamjoom management for the solid performance, and wish you the best of luck in the future. One question from my side, and it is on NUPCO ongoing tender. I know it is not complete. Some therapy areas are still in process. But can you shed some light on your performance so far? How satisfied are you with this? How should that result into your hospital or institution business growth into the coming 2 years?
Tarek Hosni: Yeah, sure, Ibrahim.
Ibrahim Atiyah: If you can provide some specific number in terms of growth based on the awarded value so far.
Tarek Hosni: Yeah, sure. Sure, Ibrahim. Good to have you back, Ibrahim. You always push for numbers, and I always let you down, Ibrahim. That is the nature of Danny. So listen. I will give you as close as possible to my qualitative and a little bit quantitative view. So, yeah, and I will be honest with you so that you get a clear picture, you and the rest of the audience here. It depends on how you cut it, Ibrahim. If you consider Wasfaty as part of the institution and tender business, and it is to a great extent.
Ibrahim Atiyah: No, excluding, sorry. Excluding Wasfaty. My question is on the institution.
Tarek Hosni: Exactly. Okay. Let's settle there. If you exclude Wasfaty, yeah, our tender is between modestly growing and everything is relative. This is a company that grew tender over the last few years, Ibrahim Attiyah, at 25% and 30% in this space. So when I say modestly, that's relative to this. So we are between modestly growing to relatively slightly better. But I would see how the last quarter evolved. But until today, modestly growing. Moving into next year, the results of the few therapy areas that are there are encouraging, but not as encouraging as I expect. That's why I answered Mishaal that this is one area where I think that it will take perhaps a little bit longer than a year, or at least 9 months for us to see recovery and moving into the new norm.
Tarek Hosni: Because we haven't really unfolded completely the new tender and how it's going to look like. But even then, we will not be sure if what happened this year starts to happen again, that even if you have an award in your hand, whether they would ask for the quantities or they prioritize other stuff when there is shortage of cash and liquidity or other priorities that they need to drive with. So that's an area that for me, I will watch the space and time will tell, and I'll be not as assertive as I used to be over the last few years in forecasting for it. So this is as close as I can get you.
Ibrahim Atiyah: Excellent. Do you think you will have better visibility and better feedback once the last therapy area is finalized, which is the effective?
Tarek Hosni: Yeah. So for us, Ibrahim, two things. One is on existing business, your statement is pretty true. Yeah, I would like to see the rest of the therapy. Actually, if I take what I'm hearing from my team for the claim best value of it, then we should expect good stuff on the reminders of the therapy areas. But I will only believe it when I see it. But that's only on existing. Another area which will dial in really into us shaping the future of how our tender will evolve is the biosimilar space. We are getting into this as early as Q1 or Q2 next year, Ibrahim Attiyah, but we are already late into the previous tender, so we are not part of the new awards.
Tarek Hosni: While we will get registration for our first product, we will have to wait at least for 6 months or so until we get ourselves into the tendering process, then we will see how we are going to be really a beneficiary of this. These are the 2 things that are really still, for me, a little bit up in the air. Existing, I need to see the reminders, and how NUPCO will prioritize things. New, I want to see how biosimilar will really kick in and whether they will hit the ground running or there will be a struggle of inclusion and getting good business there. With these 2, I will be able to be in a better place at the end of 2027, really to reshape again how our tender will evolve.
Ibrahim Atiyah: Excellent. If I may, just a small follow-up here, just on the results so far. If we say it is below expectation, what is the reason behind this? Is it because competition or is it because NUPCO is doing some tactics to reduce the cost or do anything to
Tarek Hosni: Let me give you, again, because I know you love numbers, Ibrahim. I will give you a number on one product only. On a certain product, which is key for me, just to give you a clue, and you can apply it more. I do not want to exaggerate it because I do not like drama, you know me. But you can apply similar stuff on other products, maybe not to the same extent. I got out of this product this year, and it was ordered last year and it was ordered this year. The same, nothing changed. But last year, I got in the first 9 months, SAR 40 million out of NUPCO. This year, I got only SAR 8 to 9 million. Not that the order is not there, not that the amount is not there, not that my realistic expectation should have been at least similar.
Tarek Hosni: But because of other prioritization, we only got a fraction of this. You can apply this on other products. As I told you, and I mentioned this in one of my earlier slides, Ibrahim, there is obvi. I can understand, it is not like I am faced with this. Obviously, I do not like the impact on my business, but I understand where they are coming from, quite honestly. Because yeah, when there is this pressure, when there is this unusual situation geopolitically and everything else, they will have to prioritize and they will have to go with the chronic, critical stuff. This is where I am optimistic because I like always to look at the half-full cup. I think biosimilars and us dialing into more chronic medication will make us even more immune going into the future with the tender and distribution business.
Tarek Hosni: Because today, we play a majority of, in the major part of it, in the acute area, acute to semi-chronic. But we are not really into the likes of oncology, immunology, biosimilars, and this space. Once we get into this space, I think the business would be better immune. I look forward to this.
Ibrahim Atiyah: Excellent. Thank you, Dr. Tarek, for your insight, and special thanks, to be honest, with all the information and the insight you gave us in the quarter. Thank you.
Tarek Hosni: Thank you.
Operator: Thank you, Ibrahim. Now we will move on to our next set of questions. But before we move on, just a reminder, if you wish to ask questions, you can click on the raise hand icon on your webcast. Alternatively, what you can do is you can type in your question on your chat box as well, which is enabled. I will move on to next set of question, which is coming from Mr. Omar Alaa. Mr. Omar, if you can unmute yourself locally, introduce yourself and before asking questions as well. Thank you.
Omar Alaa: Thanks, management. Congratulations for good results. Omar Alaa, RTM. I have two questions. The first is regarding the net profit margin, which is still around 3%. What is your plan to increase this percent? The second question regarding Egypt. The Egyptian Drug Authority changed the pricing strategy, and over 40 drugs are under revision. These steps could affect the revenue of Jamjoom Pharma in the next year. Thank you.
Tarek Hosni: Yeah. Thank you, Alaa. I did not quite get your first query. You said net profit 3%. What is the 3% you are referring to there, Alaa?
Omar Alaa: It is the net profit margin.
Tarek Hosni: Yes.
Omar Alaa: The net profit divided by the revenue.
Tarek Hosni: Our net profit divided by the revenue is only 3%?
Omar Alaa: I think.
Tarek Hosni: No way.
Anwer Muhiddein: We are 32.5%, Omar.
Tarek Hosni: We are 32.5%, Alaa.
Omar Alaa: 32%. I am sorry. Yes, 32%.
Tarek Hosni: Yes, 32.5%.
Omar Alaa: Okay.
Tarek Hosni: Our general average that we operate within or we promise the market with, and ourselves as well, is not necessarily that we stick to the 32 because some quarters are better than others and whatever. But yeah, if you look at this year, our aspiration will be to land close to anything between 28% and 30%, we will consider it is a good place for us to be with all the investments we are making and everything else. This is, and by the way, when you look at this, Alaa, this is more of a behavior of a big pharma as opposed to a branded generic organization.
Tarek Hosni: We are very pleased with the way we continue to leverage positively our net profit and our EBITDA margin. I guess your second portion of the query was about Egypt and the factors that we have within EDA, about 40 products, and whether this will change the shape of our business there. Did I get this right, Alaa?
Omar Alaa: Yes.
Tarek Hosni: Yes. Definitely we are very. I remind everyone, Alaa, that Egypt for us is definitely a dear market to our heart and mind and everything. But it is not to fool today's growth or tomorrow's growth. It is all relative. Of course, if my team does not grow there, I will not be taking this easy. But in the grand scheme of things, markets like Egypt, Algeria, and some other markets in the space of Africa and the rest, they are there really for more medium to long-term growth because we are still investing there and, to your point, bringing products.
Tarek Hosni: Not only bringing products through the direct channels, so our own products coming and they are registering through EDA, but as well, looking for local market opportunities, as I mentioned before, from a business development point of view, that will enable us to grow the business obviously much faster at a more accelerated pace than today. In Saudi, as I mentioned, and we are proud as Jamjoom Pharma with our position. You take away a one-product-short company in weight loss out of the picture, in the retail market, we are number 1. But even with them, we are number 2 with very close revenue to them. You go to Egypt, we are playing in the 50 space, number 50 or number 48 or 47. That is not a position that we like, even though we are not looking for huge growth in the immediate term.
Tarek Hosni: That is why we are very eager not only to look at getting products through the gate of EDA and registration of new antidiabetics and other fronts. This is basically the 40 products that you are referring to. But definitely, we are very actively looking in the market space for folding a higher market share into our existing business and really getting our place in Egypt for the top 20 and the top 15 and the likes of it, which is the only place that we can accept for Jamjoom Pharma. This is our aspiration in the near term there. Thank you, Alaa.
Omar Alaa: Thank you.
Operator: Thank you. We now will be moving on to another set of questions which is coming from Naveed. Naveed, if you can unmute yourself locally and introduce the company before asking question. Naveed?
Naveed Ahmed: Hello, Grafton. Am I audible?
Operator: Yes, you are. Please go ahead.
Naveed Ahmed: Thank you so much for the opportunity. This is Naveed from FIM Partners. I have two questions. My first question is when we look at the revenue growth in the two main therapeutic areas, ophtha and dermatology, it has done very well. It is growing double the overall revenue growth for the whole company. How should we think of the revenue growth for these two segments heading into 2027? That is my first question. My second question is, maybe it is a bit too initial or very general, but you repeatedly talked about the potential of biosimilars. For both biosimilars as well as the KAEC operations, which will probably, the full year contribution will come in 2028. What is the rough revenue contribution that we should expect from each of these two initiatives?
Tarek Hosni: Yeah, sure. Thank you, Naveed, for the two questions. Your second question was more about. Let us take the first one. Ophtha and dermatology is 13%, 14% growth, how we look into the near future of 2027. Definitely we are as bullish, if not more, about how these two therapy areas should contribute into our growth next year. Especially ophtha care because if you remember my slide on the new pipeline or new product launches, ophtha is very rich in 2027. If I remember well, we almost have 5 to 7 new launches in 2027. It will take us almost a gap year of 2027 in full to get a new product in derma by early 2028. So derma, there is a sort of a gap.
Tarek Hosni: It does not mean that we will stand still because we still have a lot to do with the existing portfolio and the enhanced portfolio between the strategic products that we launched over the last few years, and yet far from realizing its true potential, as well as the gold standard products, the likes of Acretin and Elica, that we can do still much better in this space with it. But ophtha even have more room to really drive a more assertive growth next year because of the existing portfolio, the partnerships we are doing in key markets with scheme institutes and others. But the new launches as well that I am so excited about, be it biosimilars or others. As I said, at least we are talking 5 to 7 new product launches next year. So we can expect similar growth, if not hopefully better, in this space next year.
Tarek Hosni: All right. You said for next year, what will be the contribution of KAEC and biosimilars? I kind of alluded to this, Naveed. Basically, if I take KAEC first. You need to look at KAEC with the understanding of this is already going to fuel and help our dialed-in growth or embedded growth in our plans for the coming 3 years on the OSD front. Key products on our OSD that KAEC will enable us to expand capacity and to increase capacity from Q3 next year. But until we do this in 2027, KAEC will definitely, as I mentioned, you have 2 or 3 areas that you need to continue to work on. Preparing for ramping up by the Q3 or Q4.
Tarek Hosni: We'll be busy in the first 6 months with this and getting the people fully integrated into, and the teams and the processes fully integrated into Jamjoom Pharma. Then we'll be busy looking for opportunities on the Pfizer portfolio, where we do tolling and stuff to even enhance and increase the volume there. But that's not totally into our control. Opening up for tolling for other players. But definitely we are very selective in this space, and we'll see whether we get opportunities or not. Definitely as well, considering what we can and cannot manufacturing in this facility out of the already agreed on or contracted Alvotech products that we have already a deal to produce and manufacture for them all the existing products in Saudi for the coming 3 years.
Tarek Hosni: We'll be busy with this place and it will be really contributing, I would say, softly and modestly in 2027. But from Q2 2027, it will be even more contributing straight into the expanding growth potential on the unit space on the OSD, as well as opening up for strategic alliances on tolling and other stuff. Biosimilars, I give you a flavor, and I say it in full honesty, we will have the first product, Aflibercept, hopefully approved by Saudi FDA in the coming, I'm hoping, few weeks, months, before the end of the year, I'm hoping, but it's not as well within my control. But even then, I will have to wait until I include it in the tender, and then I see what opportunity we have there before I answer you.
Tarek Hosni: But we are very optimistic about the future of this product, as well as the other product, Ustekinumab. We have obviously plans for them to drive some value into our growth next year. Not without a risk, because as I told you, whether or not you'll be able to catch up with the tender and to get some business there. As well as our biosimilar space that we already signed one product in UAE today for commercialization, and we are about to sign another product soon and the rest will follow, Inshallah. So between these 2 markets, Saudi and UAE, at least, until we bring this portfolio into others, I believe these 2 products will, here in Saudi and in UAE, will really drive some good business from 2028 and beyond.
Tarek Hosni: We'll get some commercial business in UAE as early as 2027 for the commercialization, but it's not as heavy as what we can get in full in Saudi because we own the product there. To give you a clear figure, Naveed, quite honestly, obviously we take some simulation and we take some assumption. But until I see how we are going to dial in into the tender process, which is not really three other very strong competitors playing in this space, I will not be able to give you a more crisp answer. I hope by Q2 next year, Inshallah. Remember to ask me the same question, and hopefully I will give you very positive news by then.
Naveed Ahmed: Okay. No, thank you so much for addressing it and giving me the insights. Thank you.
Tarek Hosni: Sure.
Operator: Thank you, Naveed. Now we'll be moving on to our next set of questions, which is coming from Abdullah Umar. Abdullah, if you can unmute yourself locally and if you can just take your set of questions as well.
Abdullah Umer: Thank you, Noman, for the opportunity. I'm audible?
Operator: Yes, you are audible. Please go ahead.
Abdullah Umer: Okay. Just one question from my side on the API prices. I think we have been in the conflict since 7 to 8 months, and we have seen many API prices rising, along with the shipping cost that many companies are facing. When do the management see the possibility of some margins erosion or some margins dilution down the road?
Tarek Hosni: Yeah. Yeah, sure. Thank you for the legitimate question. Definitely, if you ask me about what keep me up at night, this is one of the areas, obviously, if I dial in narrower than the overall market turmoil. It depends how you want to look at it. If you want to look in there directly, we managed to avoid the hit more better than others, luckily because our earlier strategy, as I shared with everyone, to purchase heavily on the strategic products up to 6 to 9 months stocks. So we spent the first 6 to 9 months doing better than others, at least from a cost perspective. This is the direct part that I am talking about. I think there will be an element that will dial in a little bit more unfavorably between October and December.
Tarek Hosni: The team believes, and they keep on updating me, that it will be contained. Nothing will be significant. So erosions in this space will not be as bad as others from what you are hearing, because we were a little bit better immune this year, Alhamdulillah, than others. You look indirectly on the delays we are getting on getting some of these materials, which is causing some out-of-stock situation and lost sales, both on existing portfolio and new portfolio. You look at the extra cost as well on shipping by air as opposed to shipping by Ports and ships and stuff like this. That worries me moving forward, especially apart from the delays.
Tarek Hosni: This is a part that it doesn't come as a direct cost, but you look at the lost sales and the lost opportunity, it is within a significant range up to the latest information I got from my finance team. This is something that is really going to hit us if it's sustainable in 2027. I hope it's not, inshallah. These are the two areas. Again, as well, we are not going into 2027 as protected as we were in 2026 because while I was able to build the stocks for 6 to 9 months on the strategic products, I'm not able to do the same now. I'll be lucky to get the products on time or to get the same quantity or so.
Tarek Hosni: Again, we will lose the privilege and the advantage in beginning of 2027, and we will be as vulnerable as others in as well the freight costs and the delays and that. I'm not looking forward to this. I'm just promising myself that situation will evolve positively and things will be better. Otherwise, I will keep on updating you on the impact ones.
Abdullah Umer: Thank you very much, Dr. Tareq, for updating and all the best for your future. Thank you very much.
Tarek Hosni: Thank you.
Operator: Our next question is coming from Mr. Abdulaziz Al-Rajhi. Abdulaziz, if you can unmute yourself locally.
Abdulaziz Al-Rajhi: Thank you, Nuaman, and congrats management on the decent set of results. I have a single question from my end. You mentioned that the Gulf slowdown was due to the geopolitical uncertainty along with other reasons. Do you think there is a spillover toward the other markets and this situation to continue to Q3? Thank you.
Tarek Hosni: Which other markets do you have in mind?
Abdulaziz Al-Rajhi: Markets that you do not have any plans.
Tarek Hosni: We don't have threats. You mean from a geopolitical point of view?
Abdulaziz Al-Rajhi: Yes, in terms of distribution, I mean.
Tarek Hosni: Well, quite honestly, you asked me frankly, do I see any market which was this year for them was hassle-free, even though some of them were not impacted directly by geopolitical? My answer would be no, and it's all relative, but definitely. It's one thing or another. So you take Egypt, obviously the usual market that we all dearly like to go there. You look at perhaps one of the best in terms of the safety on the ground, in terms of not impacted directly, but indirectly had a devaluation of more than 10%. Economy is not going at its best because of the issues that are definitely compressing the income from Suez Canal and from tourism, so it's impacted. You look at North Africa, similar stuff. A combination of devaluation, struggle on economy, and more than a strict rationalization on spend.
Tarek Hosni: We see this in Algeria, we see it in Morocco, and we see it in other markets. As well accompanied by price reductions of some of the key products. Gulf is clear, definitely, as you mentioned. Luckily, while it was the most market, the likes of Kuwait or Bahrain or UAE, that had direct threats in the early days of the war. I think I'm seeing a smooth recovery. Again, that's pretty much dependable on the situation sustained to stabilize or improve. Today, for example, when I was in Abu Dhabi signing this deal with Mubadala Bio, I was asking colleagues and the heads of other big pharma and stuff, are they seeing light at the end of the tunnel? Are they seeing better recovery?
Tarek Hosni: They are all in my space, which is, yes, but we are a bit cautious because the situation is fragile. Any back to what happened before, then we can struggle even more. Gulf, I am seeing, especially in places like United Arab Emirates, a little bit Kuwait, recovery is happening even at a faster pace than Saudi Arabia. Because Saudi, as I said, had more troublesome issues like market correction and other stuff rather than just the geopolitical situation. Now as well compounded with the geopolitical situation. Quite honestly, you asked me the question in a different way, and you tell me the one market in your 36, 37 operating markets or in your 10 active markets that is hassle-free this year, I will tell you none. We have seen issues everywhere. Different percentages, different impact, but we have seen issues everywhere, quite honestly.
Tarek Hosni: That is why I cannot wait for an end of this year, and hopefully 2027 can come with better promises.
Abdulaziz Al-Rajhi: Very clear. Thank you, Dr. Tarek.
Tarek Hosni: Sure. If you guys excuse me because I have some other commitments. I can take another quick questions, then we will have to bring this to a conclusion.
Operator: So we will bring the Q&A session to an end with this final question coming from Mr. Hikmat. Mr. Hikmat, if you can go ahead, please. Thank you.
Hikmat Serahi: Thank you. Yes. Hello, am I audible?
Tarek Hosni: Yes, you are.
Hikmat Serahi: Yes. Thank you, Dr. Tarek. Thank you, Noman, for hosting the call. Very useful. Just one question from my side, a quick one. Regarding Dr. Tarek, Wasfaty, and the change in the mechanism, this only applies to when the physicians prescribe the commercial or the brand name, or does it also apply when they prescribe, let's say, the scientific name as well? They still have to give the cheapest alternative or available option.
Tarek Hosni: No, both. The answer is definitely both. You see this more preferential treatment or different treatment more on the CCHI, whereby if you as a patient, even if you are just prescribed the active ingredient and you elect to take the brand, they will give you the difference if you are not fully covered to get the brand. If you elect to pay it out of pocket, then they will give it to you. In Wasfaty, whether it is prescribed in active ingredient or in a brand name, this is the direction, no exception. They go with the cheapest selected.
Hikmat Serahi: Okay. Clear. Thank you very much. Thank you.
Tarek Hosni: Sure. Thank you very much.
Operator: With this, we will end the Q&A session. I will hand it back to the management for the closing remarks. Management.
Tarek Hosni: Thank you. I would like to thank everyone, really. I always enjoy this thoroughly, obviously, that is why I always extend the time. Excuse me today. If I had more time, I would have spent with you guys because we learn a lot from your questions as well. But yeah, hopefully, the situation will improve for all of us. But we promise that we will keep on pushing the envelope, we will keep on bringing a very strong set of results and enriching the shareholders' experience and value as well. Thank you very much. I wish you a safe and great day and conclusion of the year as well. Thank you.
Operator: With this, we would like to thank Jamjoom Pharma's management for taking the time to conduct this call. We would also like to thank all the participants for joining in and listening in patiently. We wish you all the very best for the weekend. You can all disconnect now. Ma'a as-salamah.
Tarek Hosni: As-salamu alaykum.
