Julphar Announces Q2 2019 Results
- “We remain cautious in our outlook but we are confident we are taking the right actions to ensure a full recovery”, says company’s CEO
Julphar, one of the largest pharmaceutical manufacturers in the Middle East and Africa, has announced its second quarter 2019 financial results.
The company reported Q2 2019 net sales of AED 100 million and a net loss of AED 96m.
Jerome Carle, CEO of Julphar, said: “Firstly, I wish to express my gratitude to our shareholders, our employees, our customers and our partners for their continued support.
“Our second quarter performance was disappointing primarily due to continued challenges in Saudi Arabia coupled with unfavorable conditions in some of our key markets. However, we have started a transformation that will make us stronger in the long run.
“We remain cautious in our outlook but we are confident we are taking the right actions to ensure a full recovery and achieve our long term objectives.”
Julphar’s revenue was negatively impacted by the Saudi Food & Drug Authority’s temporary ban on the export of the company’s products to the Kingdom in September 2018. Consequently, the company’s management has focused on cost reductions and has taken several actions to strengthen the organization and maximize cash flows.
Earlier, the Company announced the appointment of new executive employees to help guide the company towards profitability and long-term success.