Sales of Julphar grow by 19%; profit grows to AED 70 million

Julphar registered sales revenue of AED 393.5 million in the first quarter of the year 2014, up 19.2% year-on-year (yoy). Sales during the quarter were driven by private market sales which saw a yoy growth of 14.3%.

The company continued to show strong operational performance during the period. Gross Profit during the quarter was AED 237.1 million, up 18.3% yoy. Profit for the quarter was AED 70.1 million, up 12.0% yoy. In a step that reflected the company’s strong performance in 2013, the general assembly of Julphar held last month decided to distribute to shareholders 10% of profits in cash in addition to another 10% in shares from a total capital amount of AED863.151m.

Also, supporting the UAE leading Emiratisation initiative “Absher”, Julphar has recently decided to allocate half million bonds, out of a total of 50 million bonds issued to raise the company’s capital, for the benefit of the company’s Emirati employees.