Gulf Pharmaceutical Industries Julphar announces Q3 2022 results.
- Delivering sustained quarter over quarter growth during 2022
• Q3 2022 net sales from continuing operations of AED 415.7m
• Q3 2022 EBITDA from continuing operations approaching AED 47.5m;
- The company YTD EBITDA from continued operations is AED 131.7m YTD
• Top line and bottom line results are better than the ambitious 2030 growth strategy expectations.
November 09, 2022, Ras Al Khaimah (UAE): Gulf Pharmaceutical Industries PSC (Julphar or the Company), one of the largest pharmaceutical manufacturers in the Middle East and Africa, today reports its financial results for the third quarter ending 30 September 2022.
In the third quarter of 2022, Julphar demonstrated continued growth quarter on quarter and year over year with AED 415.7 million net sales for Q3 2022, a 12.9% uplift from AED 368.2 million in Q3 2021.
This increase is attributable to organic growth from Julphar’s segment operations, and reflects the Company’s increased focus on its core markets in the Middle East and North Africa, improved market access and the expansion of the company’s product portfolio with new launches.
The Company’s EBITDA from continuing operations increased quarter-on-quarter to AED 47.5m, as compared to AED 44.2 million for Q2 2022.
Company YTD EBITDA reached AED 131.7 million, reflecting improved normalized EBITDA year-on-year.
Q3 EBITDA % of net sales reaches again double digit figure (11.4%) showing solid momentum, and confirming adherence of Julphar towards the strategic outlook toward the future, as per the mid/long term strategic growth commitments defined in Q1 of 2022.
Underpinning the Company’s improved performance is the continued successful implementation of its two-year strategic turnaround plan, which has seen the Company divesting from non-core and loss-making activities and delivering efficiency improvements in its manufacturing operations.
Sheikh Saqer Bin Humaid Al Qasimi, Chairman of the Board, Julphar, said: “The first nine months of 2022 have seen the Julphar executive team lay the strong foundations for continued, sustainable growth as aligned to our Strategic Objectives 2030. Our return to profitability in the second quarter and continued momentum is evidenced by our strong results for the third quarter. Julphar has showcased that it has a robust strategy with a capable and agile leadership team. I am confident that the Company will meet its 2030 objectives and deliver shareholder value."
Dr. Essam Mohammed, Chief Executive Officer of Julphar, said: “Our journey throughout the first nine months of 2022 has demonstrated the continued potential of Julphar and its offering. The strong third quarter results are testament to the strategic turnaround plan that we completed in early 2022, and showcase the continued value potential of Julphar. As we look to the end of 2022, Julphar remains on track to deliver on market guidance and we will continue to expand our geographic reach and introduce new products, with the ultimate ambition of providing sustainable value for patients, shareholders, and stakeholders.”
In early 2022, the Company announced its 2030 growth strategy, that aims to deliver sustainable growth and value to all stakeholders, while tripling Julphar’s revenue. The strategy is built around six core pillars; maximizing revenue from its current product portfolio, new product launches, geographical expansion, strategic business initiatives, advanced specialty products initiatives, and inorganic growth initiatives.
Year to date, the company has launched 25 new products and remains committed on track to deliver its full year 2022 objectives including growth of market share in current operating territories, achieving sustained profitability and enhancing operational efficiencies.
The company is investing in in-house R&D to develop a robust and sustainable pipeline and plans to launch more than 86 new products in well-defined new therapeutic areas in the coming years.
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Julphar is one of the largest pharmaceutical manufacturers in the Middle East and Africa, and for more than four decades, the company has been delivering high quality, innovative and affordable healthcare solutions to families across the globe. Established under the guidance of His Highness Sheikh Saqr Bin Mohammed Al Qasimi in 1980, Julphar employs more than 2,400 people and distributes pharmaceutical products to more than 50 countries across the globe.
Julphar’s business is centered on two core business units – Julphar Diabetes Solutions and General Medicine Division, which target major therapeutic segments including Gastrology, Pain Management, Wound Care, Antibiotics and Cardio-metabolism. Julphar has 12 internationally accredited manufacturing facilities in the emirate of Ras Al Khaimah, UAE. In 2012, Julphar became one of the largest producers of Insulin with its UAE-based biotechnology production unit. For more information, visit http://www.julphar.net
Media contact: Corporate Communication, Julphar.