Financial results of 2014
This year we are pleased to close the year at AED 1.4 Billion, showing a remarkable effort from our global sales force and highlights true dedication from our staff across all functions, in all Countries. Together we have been working hard to deliver quality, affordable healthcare to our communities; a vision which remains at the core of our business strategy and creates overall value to the Board, Shareholders, Staff and our Customers.
2014 was a challenging year. We, like many others, felt the effects of uncertain and devastating Geopolitics in major markets such as Iraq, Syria and Libya. We continued to look at growth opportunities in other markets - particularly around Africa - and sought after areas where we could expand our manufacturing capabilities globally. Construction progressed greatly on our KSA Plant in conjunction with our local partner and we commenced preparations to expand our facility in Ethiopia, focusing on insulin and other required products.
At a more local level, the GCC will remain a cornerstone of our growth strategy due to increased healthcare expenditure from local Governments combined with the maturity of the Health Insurance Industry. Our ongoing approach is to work in alignment with GCC Authorities to ensure they have a trusted local partner in advancing Healthcare throughout our neighboring countries.
Over the recent years, Julphar has made the transition from a local company to a global player and have had to adapt our own internal operations accordingly. This year we performed a Human Resources Department audit and produced a gap analysis which led to improvements in our Recruitment and Selection Process. We added a Talent Management division to the HR department and restructured certain areas to increase operational efficiencies.
Finally, we are confident that 2015 will present new opportunities and expanding our manufacturing capabilities will remain a key priority in our overall growth strategy. I would like to take this opportunity to thank the Board of Directors, our Executive team and our network of global staff whose support and dedication ensures we are delivering sustainable Healthcare to our markets.