UAE-based pharmaceutical manufacturer Julphar has reported half-year sales of AED558 million ($152 million) and a net profit of AED48 million.
The company did not give a comparative figure for the first six months of 2017 but sales for 2017 totalled AED1.3 billion.
Jerome Carle, general manager of Julphar, said the company plans to launch 25 new products in the UAE and register 200 new products in the region this year.
He said Julphar saw an acceleration of revenue in the Levant region especially during the second quarter of the year while subsidiaries - led by the GCC and Egypt - also delivered "strong performances".
“The first half of 2018 was a busy but very productive period... We have also made significant progress in North Africa by delivering strong results in Libya and Morocco.
“We have also divested several non-strategic assets in Q2, which will improve our cash-flows and help us to be more focused on our core business,” he added.
Previously, it was announced that Julphar had been ranked as the number one pharmaceutical company in the UAE, reflecting a strong double digit sales growth versus 2017.
Continued investment in its pipeline and expansion in key markets will keep Julphar on track to hit its targets, Carle said.
“We have just launched several new products in key therapeutic area such as cardiovascular and our expansion plans are on track, particularly in Saudi Arabia and Africa, where we are making inroads in a number of key markets.
“We aim to achieve industry-leading growth by investing in our business, developing our people and continuing to deliver high quality products. Our balance sheet looks stronger as we continue to reduce our long term debts and manage our working capital position."For all the latest UAE news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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