Aster DM Healthcare advanced 3.28% to Rs 250.25 after the company announced its plans to expanding footprint in the Kingdom of Saudi Arabia with the Aster Pharmacy division.
The company said that its retail arm Aster Pharmacy has entered into a long-term joint venture agreement with Al Hokair Holding Group to setup and operate pharmacies in the Kingdom of Saudi Arabia (KSA).
Aster Pharmacy through this partnership aims to set-up and operate 250 plus stores over a period of 5 years and provide ease of access to pharmaceutical and wellness products across the segments of nutrition, baby care, skin care, home healthcare etc.
Through this joint venture agreement, the both the partners will work towards bringing Aster Pharmacy's in-house quality care products to serve the healthcare needs of the local population in KSA.
The partnership plans to open and operate in high streets, communities and shopping malls of KSA beginning with Riyadh, the capital and the largest city of the Kingdom. As Phase 2, the company aims to set up pharmaceutical manufacturing within the Kingdom to support the Saudi Vision 2030.
Aster DM Healthcare currently operates 446 pharmacies in India, GCC and Jordan, including 201 Pharmacies in India operated by Alfaone Retail Pharmacies Private Limited under brand license agreement.
Originating in UAE, Aster Pharmacy has become a household name and has emerged as the brand of choice amongst pharmacies due to its ease of access and customer first approach.
Dr. Azad Moopen, founder chairman and managing director of Aster DM Healthcare said, Aster DM Healthcare entered Saudi Arabia through Aster Sanad Hospital in Riyadh in 2016.
Being the largest, most populated, and fast-growing country in GCC, we have decided to expand our presence in the Kingdom. The plan is to expand our primary care footprint through the introduction of Aster Pharmacy to serve the large growing market and we are glad to partner with the prestigious Al Hokair Holding Group in this venture to set up 250 retail pharmacies in the first phase.
Through this joint venture agreement with Al Hokair Holding Group, Aster Pharmacy aims to expand its horizons beyond UAE, India, Oman, Qatar, Bahrain and Jordan into other territories to provide pharmaceutical and non-pharmaceutical products.
Aster DM Healthcare operates in various segments of the healthcare industry, which include hospitals, clinics and retail pharmacies, and provides healthcare services to patients across economic segments in various gulf corporation council (GCC) states through its various brands, such as Aster, Medcare and Access.
The company's consolidated net profit rose 33.8% to Rs 79.77 crore on a 12.3% rise in revenue from operations to Rs 2,662.12 crore in Q1 FY23 over Q1 FY22.
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