Gulf Pharmaceutical Industries, one of the largest pharmaceutical manufacturers in the Middle East and Africa, has reported 2020 revenues of AED581.2 million, up 93 percent over the previous year.
The increase was primarily due to successful re-entry into market in Saudi Arabia, Oman, Kuwait, Bahrain, Iran and Egypt following a temporary suspension, said the company, better known as Julphar.
In 2020 Julphar also reported a net loss of AED317.4 million partly due to one-time non-operational expenses of AED201.3 million.
EBITDA before the one-time expenses was AED7.1 million, generated by the robust sales growth, gross margin improvement and strict cost containment measures implemented during the year, the company added.
During 2020, the equity of the company increased from AED878.0 million to AED1.07 billion following the successful completion of the rights issue in July.
Sheikh Saqer Humaid Al Qasimi, chairman of Julphar, said: “Covid-19 has been a major disruptor as well as a catalyst for positive change in business operations in both regional and global economies. We will steadily recover as the year progresses, as the expectation for economic growth in the countries that we operate in is more optimistic.”
Dr Essam Farouk, CEO of Julphar, added: “Our results demonstrate our effective approach that is flourishing on a solid foundation. The opportunity now is to accelerate our momentum and build on our strengths – enhance productivity by being operationally more efficient especially after resuming the export operations following passing all GMP audits from the regulatory authorities in Saudi Arabia.”
Julphar said it will continue to focus on to building new alliances and partnerships to strengthen the company’s revenues growth and expand its distribution footprint.
Ras Al Khaimah-based Julphar employs more than 3,000 people and distributes pharmaceutical products to more than 50 countries on five continents.
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