In a key development for Pakistan’s pharmaceutical sector, Citi Pharma Limited (CPHL) announced on Thursday that it had completed its first-ever export to the MENA region worth EUR 560,000.
“This export order was received on the basis of the FDA accreditation that Citi Pharma has obtained (announced on 20th September 2024),” the pharmaceutical shared the development in a notice to the Pakistan Stock Exchange (PSX) today.
It said that the total export value was EUR 560,000, of which it had previously received an advance payment of EUR 200,000.
“Today we have received the remaining balance of EUR 360,000, finalizing this initial export transaction.”
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It added that overall, CPHL is eyeing a total export value of at least EUR 8,000,000 to EUR 10,000,000 annually to the MENA region and a similar amount to other international markets including North America.
The company stated that the achievement paves the way for Citi Pharma Limited’s growth in international markets, “strengthening our presence and unlocking new opportunities for the company”.
“We remain committed to growth and increasing shareholder value and will keep the shareholders informed,” the CPHL concluded.
Earlier in February, CPHL decided to venture into the real estate sector with the formation of Citi REIT Management Company, its wholly owned subsidiary.
CPHL’s board also gave its approval for setting up an antibiotic plant for the formulation section.
Furthermore, the company back then shared that it was also engaging in discussions on the formation of a joint venture with international partners for the development of a hospital.
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