UAE-based Julphar, one of the largest pharmaceutical manufacturers in the Middle East and Africa, has announced a net loss of AED29 million for the first nine months of 2018.
The company reported year-to-date sales of AED719 million but said profits had been hit by the temporary suspension on the export of Julphar’s products to Saudi Arabia.
The company said in a statement that its management has worked extensively with health authorities in the Gulf kingdom to "address their recommendations and implement corrective measures".
The Saudi Food and Drug Authority said it enacted the suspension and withdrew some products from the market after it found a “lack of adherence to the principles of good pharmaceutical manufacturing”.
Jerome Carle, general manager of Julphar, said: “Q3 2018 has been a challenging quarter for Julphar. While we saw a decline in our revenue and profitability due to the headwinds in Saudi Arabia, we continued to work hard on new products launches and building new alliances, which will have a positive impact on our long-term performance.
“We also saw good growth in key areas of our portfolio especially in diabetes and cardiovascular. Our subsidiaries, led by GCC and Egypt, are also delivering solid performances locally."
Julphar has announced its future entry into the oncology market through a partnership with Russian biotechnology company, BIOCAD.
“We are focused on investing in key growth areas in specialty Care,” said Carle.
He added: “To that end, we forged new partnerships to launch game-changing products in different therapeutic areas. Moving forward, we aim to transform the company through strategic changes designed to enable better focus, flexibility and long-term performance.
“We continue to roll-out our cost-saving programs, which will position our business well to maximize cash flow generation. As we move forward, we have to ensure we are well equipped to respond to the constantly evolving marketplace while generating long-term value for shareholders.”For all the latest health tips & 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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