Currently Julphar's biggest export market is Saudi Arabia, accounting for 34 per cent of its sales. Image Credit: Supplied

Dubai: Gulf Pharmaceuticals (Julphar) said on Sunday its acting chief financial officer Laurent De Chazeaux has resigned, days after five members of the board left the company.

Last week the company said five of its board members had resigned from the company. Shaikh Saqr Bin Humaid Al Qasimi, Abdulaziz Abdulla Al Zabbi, Hassan Al Alkim Al Zaabi, Yousuf Ali Mohammad, Ahmad Salim Al Hosni resigned from the company’s board on March 13.

The series of resignations came after the company recalled three of their products — Sedofan, Profinal and Cefuzime — “for not complying with product specifications”.

The company reported a net loss of Dh153 million on revenues of Dh863 million for 2018, resulting in cost reductions and steps to maximise cash flows.

“We saw a decline in our revenue and profitability due to the headwinds in Saudi Arabia, but we continued to work hard on new product launches and building new alliances, which will have a positive impact on our long-term performance. In 2019, challenges still lie ahead but we are taking steps to strengthen our financial health as part of a new far reaching strategy that will see us increasing our effectiveness and efficiency,” Jerome Carle, General Manager of Julphar said on February 15.