UAE pharma giant sees Q1 sales slump to $72m

Julphar says it plans to launch 25 new products in the UAE and register 200 new products in the region this year
By Sam Bridge
Thu 17 May 2018 02:02 PM

UAE-based Julphar, one of the largest pharmaceutical manufacturers in the Middle East and Africa, has announced first quarter sales of AED264 million ($71.8 million) and a net profit of AED18.4 million.

The figures represented a drop from AED369.3 million and AED44.1 million respectively in the first quarter of 2017.

Jerome Carle, general manager of Julphar, said: “Julphar delivered a good first quarter performance, in line with our internal target. In the first three months of 2018, we made significant progress in UAE and Levant and we resumed our operations in Libya.

“This is a good set of results showing the progress we are making. We continued to strengthen our positions through new product launches in Cardiology and Respiratory, and the execution of our long-term strategy in Consumer Healthcare.

“We are well-positioned for a strong and profitable second quarter and remain focused on delivering shareholder value through organic and strategic growth opportunities. In combination with our expansion initiatives in place such as Saudi Arabia and Africa, we believe there are firm drivers for our growth in 2018.”

This year, the company plans to launch 25 new products in the UAE and register 200 new products in the region.

Carle added: “We are off to a strong start in 2018. We have reached the number one position in the UAE in terms of market share, our new management team is now fully on board and we are building up a solid products pipeline.”

Subscribe to our Newsletter

Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.