Julphar Posts Solid First Half Results
- Company posted H1 sales of AED 558m
- Performance boosted by significant progress in GCC and North Africa, says General Manager
- Julphar continuing to strengthen financial position
Julphar, one of the largest pharmaceutical manufacturers in the Middle East and Africa, delivered solid financial results for the first half of 2018 as it continues to strengthen its financial position.
The company reported first half 2018 sales of AED 558 million ($152m) and a net profit of AED 48m ($13m), after implementation of new Accounting Standard IFRS 9 and IFRS 15.
Jerome Carle, General Manager of Julphar, said: “The first half of 2018 was a busy but very productive period. We saw an acceleration of our revenue in the Levant region in the second quarter and continue to improve on last year’s performance. Our subsidiaries, led by GCC and Egypt, are also delivering strong performances locally.
“We have made significant progress in North Africa by delivering strong results in Libya and Morocco. Our strong performance is the result of a clear vision and the decisions we have taken in the last year.
“We have also divested several non-strategic assets in Q2, which will improve our cash-flows and help us to be more focused on our core business.”
Earlier, it was announced that Julphar had been ranked as the number one pharmaceutical company in the UAE, reflecting a strong double digit sales growth versus 2017. This year, the company plans to launch 25 new products in the UAE and register 200 new product in the region.
Continued investment in its pipeline and expansion in key markets is what Carle believes will keep Julphar on track to return to sustainable growth in line with its targets.
“We have just launched several new products in key therapeutic area such as cardiovascular and our expansion plans are on track, particularly in Saudi Arabia and Africa, where we are making inroads in a number of key markets,” he added.
“We aim to achieve industry-leading growth by investing in our business, developing our people and continuing to deliver high quality products. Our balance sheet looks stronger as we continue to reduce our long term debts and manage our working capital position.