Gulf Pharmaceutical Industries Julphar reports financial results for Q1 2023
- Julphar reports 8.5% increase in sales compared to Q1 2022
- EBITDA reaches 10% of Net Sales in Q1 2023
May 2023, Ras Al Khaimah, UAE: Gulf Pharmaceutical Industries PJSC (Julphar), one of the largest pharmaceutical manufacturers in the Middle East and Africa, has reported its financial results for the period ending March 31st, 2023, on May 11th, 2023.
The company reported robust revenues of AED454.1 million in Q1 2023, an 8.5% increase compared with the same period last year driven by improved sales and increased market share across its core markets including Saudi Arabia, UAE, Oman and Jordan in line with expected trajectory. During the first quarter, gross profit grew by 5.9% to AED138.3 million from AED130.6 million in Q1 2022.
Operationally, the company has continued to improve efficiency, with Julphar reporting an operating profit of AED11.5 million, a 35% increase over the AED8.5 million reported in the same period last year supported by steady revenue growth and significant reductions in general and administrative expenses. EBITDA from continuing operations reached AED45.4 million in Q1 2023, 13.5% higher compared with the same period last year with a 10% EBITDA margin reflecting the company’s commitment towards achieving sustainable operational performance.
Sheikh Saqer Bin Humaid Al Qasimi, Chairman of the Board, Julphar, said: “As the company continues to make strides in revenue growth and drives further efficiency across its operations and core markets, we remain confident that Julphar will be able continuously improve its operational performance and unlock exciting new opportunities.”
Mr. Basel Ziyadeh, Chief Executive Officer, Julphar, said: “We remain committed to strengthening Julphar’s presence across core markets through the continuous development of our company’s product pipeline in line with our strategic roadmap coupled by our efforts to streamline our operations”.
Looking ahead, Julphar remains focused on its strategic areas of the business as the company divests from non-core activities and strengthens sales in core markets to increase market share with its existing portfolio. To support the long-term growth prospects, Julphar continues to explore new alliances and partnerships, whilst also launching new products in core therapeutic areas and investing in capital expenditure to improve operational efficiency.