UAE’s Julphar reports 12.9% rise in net sales to Dhs415.7m in Q3 2022

Gulf Pharmaceutical Industries(Julphar) reported both quarter-over-quarter and year-over-year growth, posting Dhs415.7m in net sales for Q3 2022, a 12.9 per cent rise from Dhs368.2m in Q3 2021.

This increase is attributable to organic growth from Julphar’s segment operations and reflects its increased focus on its core markets in the Middle East and North Africa, improved market access, and new launches.

The company’s earnings before interest, taxes, depreciation, and amortisation (EBITDA) from continuing operations increased quarter-on-quarter to Dhs47.5m, as compared to Dhs44.2m for Q2 2022.

Julphar’s year-to-date EBITDA reached Dhs131.7m, reflecting improved normalised EBITDA year over year.

The Q3 EBITDA percentage of net sales reached 11.4 per cent, in line with Julphar’s mid/long-term strategic growth commitments defined in Q1 of 2022.

Underpinning the company’s improved performance is the continued implementation of its two-year strategic turnaround plan, which has seen it divesting from non-core and loss-making activities and delivering efficiency improvements in its manufacturing operations.

Sheikh Saqer Bin Humaid Al Qasimi, chairman of the Board, Julphar, said: “The first nine months of 2022 have seen the Julphar executive team lay the strong foundations for continued, sustainable growth as aligned to our Strategic Objectives 2030. Our return to profitability in the second quarter and continued momentum is evidenced by our strong results for the third quarter.”

Dr Essam Mohammed, CEO of Julphar, said: “The strong third-quarter results are a testament to the strategic turnaround plan that we completed in early 2022, and showcase the continued value potential of Julphar. As we look to the end of 2022, Julphar remains on track to deliver on market guidance and we will continue to expand our geographic reach and introduce new products, with the ultimate ambition of providing sustainable value for patients, shareholders, and stakeholders.”

Year to date, the company has launched 25 new products and is set to deliver its full-year 2022 objectives, including the growth of market share in current operating territories, achieving sustained profitability, and enhancing operational efficiencies.

The company is also investing in in-house R&D to develop a robust and sustainable pipeline and plans to launch more than 86 new products in well-defined new therapeutic areas in the coming years.