PIEX Group reports strong growth in results for FY2021

Paris, August 3, 2022 - PIEX Group, one of the leading distributors of health and wellness products on the African continent, has achieved a turnover of 137 million euros in 2021, showing an organic growth of 7% compared to 2020, a year with a record demand due to COVID and the risks of supply chain disruptions. PIEX is one of the most financially solid companies in its sector thanks to a constantly improving level of services and a network of partners who show their confidence in the company every day.

This strong momentum is driven by three factors:

• The growth of the private market for medicines in West Africa has enabled the development of the medicine’s distribution business, with the share of turnover represented by Para pharmacy (8%) remaining relatively stable compared to last year.
• PIEX Group's partner laboratories are outperforming the market because they believe in the continent and invest sustainably accordingly, which represents an additional competitive factor (+20% in local sales vs. 2020 for these laboratories, which represent the core of PIEX Group's business).
• A real flexibility offered to its partners in its core business: the distribution of medicines and Para pharmaceutical products. PIEX is proving to be a reliable and efficient partner for their development in Africa.

Strong assets for development

The managers have been able to lay solid foundations to manage growth. By doubling its logistics capacity with two warehouses in Paris area, PIEX manages now has more than 11,000 m2 for managing stocks and goods flows.

The solidity of the production tools and the digitalisation of the activities have enabled the company to maintain a stable and constantly evolving team to absorb growth while maintaining profitability.

Economic Outlook 2022

With a continuous development in the first half of the year, PIEX aims to achieve a turnover of 150 million euros in 2022.

The alliance established in 2021 with Phillips Pharma Group for distribution in English-speaking East and Central Africa countries will also drive growth, with a target of more than €2 million in sales and 40% growth by the end of June 2022 compared to the same period in 2021. The partner laboratories will thus be able to expand their activity in these new markets.

The service activities for the management of drug applications are managed by Phillips Pharma Group in this alliance, as are the promotional activities in these new areas.

The financial objective of PIEX Group is to continue to develop its business profitably while actively participating in market movements and developing sustainable alliances with quality local/regional players.

Expansion of the PIEX Group's activities

The PIEX Group's plan is to expand its upstream and downstream activities, with external growth projects covering the exploitation of medicines and the development of service activities in the promotion of medicines and Para pharmaceutical products.

Several acquisitions are under consideration, which will allow PIEX Group to strengthen its turnover and profitability, with new companies whose margins on turnover are higher than those of the distribution. This increase in the organic scope of PIEX through selective acquisitions will be done with the objective of further increasing access to quality medicines for as many people as possible. This can only be achieved through solid operational and financial performance, which is the only guarantee of a sustainable business.

Bertrand Talbotier, Chairman of PIEX Group, said: "The excellent financial health of PIEX Group in a very troubled international context underlines the quality of our company's fundamentals. We want to build on these fundamentals to further our mission of ensuring equitable access to health in Africa. This we believe will involve the development of a group that will integrate a distribution businesś for Africa, representing a broad portfolio of manufacturers and health products, including key services such as regulatory affairs, marketing, and medical promotion, but also market access, and the operation of marketing authorisations, all in West, East, Central but also Southern Africa. Backed́ by strong financial partners, PIEX Group is ideally positioned to meet this challenge."