UAE-based pharmaceutical firm Julphar has said it remains committed to ambitious growth plans despite "challenging" times in the regional market.
Julphar Gulf Pharmaceutical Industries announced revenues of AED992 million for the first three quarters of the year with net profit of AED86 million.
"Overall, the MENA markets remained challenging for the pharmaceutical industry. Julphar’s management has undertaken cost-saving initiatives and new projects to optimise processes further and consolidate our current market shares. We will continue to launch our new products pipeline while increasing our geographical presence, to fully align towards with our 2020 roadmap," said Jerome Carle, Julphar general manager.
Julphar said earlier this year that it plans to expand its sales to more than AED2 billion ($544 million) by 2020.
Its Vision 2020 initiative includes other key objectives to rank among the top three pharmaceutical companies in the UAE and in Saudi Arabia.
Carle said: "Saudi Arabia remains the major revenue contributor for Julphar, despite the current market situation in the kingdom. At the same time, the UAE operations achieved a solid growth of 16 percent.
"With steady double-digit growth, the performance of the North African and Levant regions confirms Julphar as a strategic player in the area."
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.