Julphar reports double digit revenue growth for 2022

Pharma major reports revenue of Dh1.616 billion in 2022, a 41.4% growth year on year

The Julphar office in Ras Al Khaimah. - KT file

A Staff Reporter

Published: Wed 22 Mar 2023, 2:55 PM

Last updated: Wed 22 Mar 2023, 4:27 PM

Gulf Pharmaceutical Industries PJSC (Julphar), reported 2022 earnings before interest, taxes, depreciation and amorisation (Ebitda) from continuing operations of Dh 144.6 million (8.9 per cent Ebitda margin) and an operating profit of Dh12.6 million supported by improved profitability of the company’s manufacturing business. This marks a significant improvement over the company’s operating loss of Dh83 million of 2021 after excluding the favourable one-off impact of the vaccine business in the previous year.

The company reported a robust topline growth with 2022 revenues of Dh1.616 billion, a 41.4 per cent increase as compared to full year 2021 revenue of Dh1.143 billion. The increase is primarily attributable to increased market share in key operating regions including the UAE, Saudi Arabia, Iraq and North African markets, together with the impact of the full year consolidation of Planet Pharmacies. Over 2022, Julphar continued to execute its geographical expansion plans, signing agreements with several new partnerships.

Moreover, overall contribution from Julphar’s wholly owned subsidiary, Planet Pharmacies, continued to boost the Group’s financials. Julphar increased its stake in Planet Pharmacies in 2021 from an initial 40 per cent to acquiring full control 100 per cent , extending the group’s capabilities into the distribution and retail segments of pharmacy healthcare sector across the UAE, KSA and Oman.

Sheikh Saqer Humaid Al Qasimi, Chairman of the Board, Julphar, said: “Our robust topline growth is testament to the growth strategy we announced in the past year, which embodies Julphar’s inspirations to be the leading pharmaceutical company in the MENA region, recognised with first-to-market products and value-adding medicines. As we continue to grow our presence in the region, Julphar remains committed to providing affordable and quality healthcare solutions in markets it operates within across the Mena region and beyond.”

He added: “Julphar continues to streamline its activities by divesting from its non-core activities, focusing on its ‘Strategy 2030’, aiming to deliver sustainable growth that capitalizes on our strategic partnerships with institutions globally and driving our leading local and regional position. Moreover, the recently appointed chief executive officer, Basel Ziyadeh, is also set to accelerate the company’s growth journey, increasing its scale and capabilities to further solidify its regional expertise.”