Following years of losses, Gulf Pharmaceutical Industries (or Julphar) reported a net profit for 2021 courtesy of robust revenue growth in core markets. The earnings before interest, taxes, depreciation, and amortization (EBITDA) from continuing operations is Dh164.8 million, up from a negative EBTIDA of Dh165.8m in 2020. Julphar ended last year with a robust net profit at Dh63.9 million compared to an operating loss of Dh241.6 million a year before.
The profit after tax settled in at Dh59.4 million compared to a loss of Dh317.4 million in 2020. The management’s unwavering commitment to enacting effective strategies that lead to sustainable growth has been rewarded. Julphar’s core business is providing affordable medicines in the MENA region through the continued development of its core business.
Quantum Genomics has signed a production agreement with Julphar, which is a Ras Al Khaimah-headquartered company. As a biopharmaceutical company specializing in cardiac drug development, the former sells and manufactures Firibastat, a medicine used to control blood pressure. Moreover, Julphar acquired a 100 per cent stake in Dubai-based pharmaceuticals distribution company Planet Pharmacies. It previously owned 40 per cent, and raising this will help the group position itself competitively within the regional healthcare sector. (In a similar move to focus on its core business, Julphar sold Gulf Inject, a subsidiary located in Dubai, in September to GlobalOne Healthcare, a division of Abu Dhabi’s Yas Holding.)
More on R&D, more generics
Julphar is likely to invest in its research and development function as part of its corporate strategy. A further goal is to continue building partnerships to bring high-quality generics and first-in-class treatments to the region. In line with the UAE government’s healthcare agenda, Julphar plans to launch more than 15 new products in 2022, securing local supply chains of life-saving pharmaceuticals and implementing cutting-edge technologies to support local manufacturing of high-quality products.
The group has made significant progress with its transformation programme and strengthened the management with several new recruitments at the top levels. This has helped drive its pioneering transformation programme and restoring Julphar’s position as a leading pharmaceutical company.