UAE-based pharmaceuticals giant Julphar has announced plans to expand its sales to more than AED2 billion ($544 million) by 2020.
Julphar Gulf Pharmaceutical Industries announced the target as it said it achieved sales amounting to AED369.3 million with a net profit of AED44.1 million in the first quarter of 2017.
Its Vision 2020 initiative includes other key objectives to rank among the top three pharmaceutical companies in the UAE and in Saudi Arabia.
“Despite challenging market conditions and the overall regional situation that are impacting our industry, Julphar is consolidating its market share for the first quarter,” said Jerome Carle, Julphar’s acting general manager and chief financial officer.
Julphar also confirmed that is has launched 34 new products in the region, including Dandasha, its new medicine used in the treatment of erectile dysfunction.
Last month, Julphar said it is eyeing expansion into more than 30 countries around the world and plans to open a factory in Saudi Arabia soon.
Factories are also planned in Bangladesh and Ethiopia, in addition to projects in Morocco, Algeria and Egypt, where medicines are being manufactured locally, the company said.
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