Julphar reports third quarter earnings 10% sales growth with profit of AED 164.4 million
Julphar, one of the largest pharmaceutical manufacturers in the Middle East and North Africa, announced sales revenue worth AED 1,121.9 million for the first nine months of this year, with a growth of 10 per cent compared to the same period of 2014.
The company posted a 12 per cent year-on-year rise in its third quarter gross profits for 2015, which was Dh658.9 million for the period. Julphar’s Net Profit for the period was AED 164.4 million, up 3 per cent year on year.
“Through our integrated value chains and the diversity of our targeted end markets, we continue to demonstrate strong performance, particularly in Saudi Arabia, UAE, Libya and Kuwait. Over the past nine months we have achieved strong cash flow, as well as year-over-year earnings growth for the fourth consecutive quarter,” said Dr. Ayman Sahli, Chief Executive Officer, Julphar.
“Julphar continues to demonstrate positive momentum with our drive to advancing innovation. We achieved a new milestone earlier this year with the recombinant Insulin Glargine, which we have since developed and optimized at pilot scale. We’ve also successfully concluded Phase I clinical trial of our Biosimilar Human Insulin, making Julphar the first company in the Middle East to have clinical trial filing accepted under the EMA biosimilar guidelines,” he added.