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Chairman’s Message

Dear Shareholders,

The year gone by was marked by the demise of Julphar’s founder H H Sheikh Saqr bin Mohammed Al Qasimi, the Ruler of Ras Al Khaimah. He was also among the leading founding fathers of the United Arab Emirates. We pray to Almighty Allah to keep his soul in peace and let him live in paradise along with martyrs and grant us patience. We continue to be guided by Sheikh Saqr’s vision and compassion and re-dedicate ourselves in the service of the community. We pray to the Almighty Allah that we continue to receive generous guidance, vision and leadership from H H Sheikh Saud bin Saqr Al Qasimi, who has succeeded Sheikh Saqr as the Supreme Council Member of the UAE and Ruler of Ras Al Khaimah.

Julphar has just closed another strong year. Your company’s clear vision, state-of-the-art facilities and stringent quality standards continued to enable it to deliver competitively priced world quality products across all the markets that it serves.

The year gone by saw us build on the initiatives that we had taken in the previous years. We have striven hard to expand our presence in our leading existing markets while entering new ones with our diverse portfolio of products. At the same time, various regional governments have continued to place trust in us to deliver high quality but competitively priced products to enable them to meet growing demand in their respective countries.

The year 2010 saw Julphar register sales revenue of AED 920 million, a growth of 21% over the previous year. Thus, sales continued to grow at the high rate witnessed in recent years. At the same time, the margins – both at gross and operating profit levels, as well as the various returns ratios continued to be strong, sustaining the high performance of recent years. As a result, there was a strong surge in the profit for the year.

Julphar followed a cautious expansion strategy in respect of its associate Planet Pharmacies due to a tough M&A market during the year. Despite this, however, the company made a profit in 2010, as against a loss in 2009.
With its planned initiatives, the company is expected to improve its performance in the coming years.

We at Julphar continue to be committed to delivering sustainable value to all
our stakeholders – our shareholders, customers, suppliers, employees and the community at large. With a string of strategic initiatives currently being executed by the company, I firmly believe that we will continue to achieve our goals in the years ahead.

Your company continues to strive to be the best pharmaceutical company in the region, setting high standards for the rest of the industry. The company’s strategic initiatives are expected to enable the company to introduce critical
and significant products for the community at large, continue to maintain its strong market position and make Julphar the most preferred pharmaceutical brand in all its leading markets.

I thank all our well-wishers, our Board of Directors, customers, government & financial institutions, employees and all other stakeholders for their whole-hearted support and contribution in the success of Julphar.

Sheikh Faisal bin Saqr Al Qasimi
Chairman