Dubai: The Julphar recovery story continues, with the Ras Al Khaimah headquartered pharma company generating sales of Dh418.6 million, up 156 per cent from a year ago. The move to acquire Planet Pharmacies paid off, and there was also gains from the Julphar Segment’ operations, which reflects the higher focus on core MENA markets and expansion in the product portfolio.
"This is a strong set of results that build on our financial turnaround of the past two years,” said Shiekh Saqer Bin Humaid Al Qasimi, Chairman. “With a visionary management team and a cohesive 2030 strategy, we are well positioned to re-establish Julphar as a market leader and to better serve our clients in the MENA region and beyond."
Net profit for the period was Dh1.9 million, marking a gradual return to profitability compared to a loss of Dh29.2 million in Q1-2021. Cashflow from operations was Dh10.2 million in the first three months.
Gameplan until 2030
The new strategy, which will see Julphar through to 2030, will see it expand the existing generic drugs 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’.
The company is investing in R&D on a ‘robust and sustainable pipeline’ and launch more than 100 new products in new therapeutic areas.
The pharma firm has 12 manufacturing facilities in Ras Al Khaimah.