Julphar, also Gulf Pharmaceutical Industries, one of the largest drug manufacturers in the MENA region, reports a net profit of Dh1.15 billion for the year 2021, after continuous loss results since 2017.
The group posted a net profit of Dh65 million ($18m) last year, compared with a net loss of Dh317m in 2020, it said in a statement to the Abu Dhabi Securities Exchange, where its shares trade.
“The strong revenue growth was generated from continued market share increase in the company’s key markets including the UAE, Saudi Arabia and several North African markets, and the full consolidation of Planet Pharmacies financial results as of July 1, 2021,” the company said.
“Julphar made significant progress in its effort to invest in the product pipeline of its core business areas and to divest from non-profitable and non-core assets.”
Based in Ras Al Khaimah, Julphar manufactures largely generic drugs including insulin for diabetics and a range of personal care products. The company, which operates across the Middle East, Africa and Asia, has been growing its regional reach while streamlining operations.
Last July, it acquired 100 per cent of Dubai-based pharmaceuticals distribution company Planet Pharmacies, in which it previously held a 40 percent stake. The move will help Julphar “secure new business expansion opportunities” and offer a “competitive advantage to the group within the regional healthcare sector”, the company said at the time.
Julphar also sold its Dubai-based subsidiary Gulf Inject, a local manufacturer of intravenous fluids, to GlobalOne Healthcare, a division of Abu Dhabi’s Yas Holding in September, as part of efforts to focus on its “core product portfolio”.
The company also signed an exclusive licence and production agreement with Quantum Genomics, a biopharmaceutical company specialising in the development of cardiovascular drugs, to market and produce firibastat, which is used to control blood pressure, in the Middle East, all African countries, CIS and Turkey last year.
Therefore, the company’s total assets also increased by 3.5 percent to Dh2.4 billion, owing to the revenue results at the end of 2021.
