UAE-based Gulf Pharmaceutical Industries, also known as Julphar, has announced it generated AED365.7 million ($100m) in sales during the third quarter of 2021, nearly double the previous year’s total.
The figure represented a 96 percent increase from Q3 2020, following a return to profitability in the second quarter of this year, said the company, one of the largest pharmaceutical manufacturers in the Middle East and Africa.
The Ras Al Khaimah-based firm said the results were fuelled by an increase in sales due to the acquisition of Planet Pharmacies, vaccine sales from the manufacturing of the Covid-19 vaccine Hayat-Vax and continued efficiency improvements of Julphar’s business.
Net profit for the period was AED53.8m. One-time effects from the first-time consolidation of Planet Pharmacies negatively affected the group’s gross margin of 24.5 percent in the third quarter. Without the one-time impact the gross margin of the Julphar business segment further strengthened compared to previous year.
Saqer Humaid Al Qasimi, chairman of Julphar, said: “We are pleased that we have been able to maintain our positive trajectory from the first half of the year. As we move into the last quarter of 2021, I am encouraged by our progress thus far to re-establish Julphar as a leader in pharmaceuticals and better serve those in need in the MENA region and beyond.”
Dr Essam Farouk (above), CEO of Julphar, added: “This quarter has solidified Julphar’s financial turnaround, following a return to profitability in the second quarter of this year. The acquisition of Planet Pharmacies and the manufacturing of the Sinopharm Covid-19 vaccine Hayat-Vax has given us a fantastic platform to expand our capabilities and capture dynamic opportunities to generate value.”
Julphar employs 2,500 people and distributes pharmaceutical products to more than 50 countries on five continents.
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