UAE-based Gulf Pharmaceutical Industries, also known as Julphar, has announced a return to profitability as it seeks to launch new products to market.
One of the largest pharmaceutical manufacturers in the Middle East and Africa, the company reported strong topline growth with 2021 revenues of AED1.1 billion, a 100 percent increase compared to full year 2020 revenue of AED573 million.
Julphar said this was primarily attributable to increased market share in key operating regions including the UAE and Saudi Arabia and the contribution from Planet Pharmacies acquisition in July 2021.
In 2021, Julphar reported EBITDA of AED164.8 million, up from a negative EBTIDA of -AED165.8 million in 2020, with growth due to sales increase and cost savings.
By the middle of 2021, the company marked a return to profit, and closed out the year with net profits at AED63.9 million compared to an operating loss of AED241.6 million for full year 2020.
Sheikh Saqer Humaid Al Qasimi, chairman, said: “The return to profitability is testament to the unwavering commitment of the management team to enact effective strategies that create sustainable growth.
“Julphar is focused on the continued development of its core business to provide affordable and quality health care solutions in the MENA region.”
Dr Essam Mohamed, CEO of Julphar, added: “The company’s 2021 financial results demonstrate strong topline and bottomline growth. Underscored by sales increase and cost-saving, the strategic acquisition of Planet Pharmacies, and Julphar’s cash flow positive position primes it for further growth opportunities as it continues its drive to bring its first-in-class new products and new added value medicines throughout the region.”
Looking to 2022, the company said it will invest in its in-house research and development function, build new partnerships and launch more than 15 new products.
Julphar employs more than 2,400 people and distributes pharmaceutical products to more than 50 countries across the globe.
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