Julphar’s comeback continues, with sales of Dh418.6 million, up 156% from the previous year. The acquisition of Planet Pharmacies paid off, and there were also gains from the Julphar Segment’s operations, reflecting a greater focus on core MENA markets and product portfolio expansion.
“This is a strong set of results that build on our two-year financial turnaround,” said Chairman Shiekh Saqer Bin Humaid Al Qasimi. “We are well-positioned to re-establish Julphar as a market leader and to better serve our clients in the MENA region and beyond, thanks to a visionary management team and a cohesive 2030 strategy.”
In comparison to a loss of Dh29.2 million in Q1-2021, net profit for the period was Dh1.9 million, indicating a gradual return to profitability. In the first three months, cash flow from operations was Dh10.2 million.
Julphar will expand its existing generic drug portfolio, grow market share in core markets, enter new territories, ‘develop strategic partnerships, and realize profitability improvements through economies of scale, cost savings, and investments in operational efficiencies under the new strategy, which will last until 2030.
The company plans to launch more than 100 new products in new therapeutic areas and invest in R&D to build a “robust and sustainable pipeline.”
The Diabetes Solutions and General Medicine Divisions of Julphar’s business are focused on major therapeutic treatments such as gastrology, pain management, wound care, antibiotics, and cardio-metabolism. In Ras Al Khaimah, the pharmaceutical company has 12 manufacturing facilities.
“The improved profitability is the result of Julphar’s successful implementation of its two-year strategic turnaround plan, divesting from non-core and loss-making activities and delivering efficiency improvements in its manufacturing operations,” the company said in a statement to the Abu Dhabi Securities Exchange (ADX).
EBITDA from continuing operations jumped from 0.2 million dirhams to 40 million dirhams over the same period.
Gross profit margin also rose by 41 percent, compared to 28 percent in the previous year, while cash flow from operations amounted to 10.2 million dirhams, compared to -3 million dirhams in the previous year.
