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Gulf Pharmaceutical Industries (Julphar) recorded on Monday a net profit of Dh53.8 million in the third quarter 2021 on the back of a 96 per cent surge in sales to Dh365.7 million.
The regional pharmaceutical giant, which returned to profitability in the second quarter, said in a statement that the positive results were driven by an increase in sales due to the acquisition of Planet Pharmacies, vaccine sales from the manufacturing of the Covid-19 vaccine Hayat-Vax and continued efficiency improvements of its business.
Sheikh Saqer Humaid Al Qasimi, Chairman of the Board, Julphar, said the company was able to maintain a positive trajectory from the first half of the year. “As we move into the last quarter of 2021, I am encouraged by our progress thus far to re-establish Julphar as a leader in pharmaceuticals and better serve those in need in the Mena region and beyond.”
Dr Essam Farouk, chief executive officer of Julphar, said the third quarter has solidified Julphar’ s financial turnaround. “The acquisition of Planet Pharmacies and the manufacturing of the Sinopharm Hayat-Vax has given us a fantastic platform to expand our capabilities and capture dynamic opportunities to generate value.”
The Ebitda (earnings before interest, taxes, depreciation and amortisation) from continuing operations for the group was Dh70 million, which is a substantial improvement from last year’s Dh8.5 million. “Among the various drivers in achieving this is the acquisition of Planet Pharmacies, the successful re-entry into the core markets of Saudi Arabia, Oman, Bahrain, and Kuwait as well as the sales from the manufacturing of Hayat-Vax.”
During the third quarter, Julphar also completed the Gulf Inject divestment as part of the company’s overall alignment to focus on the Group’s core business activities.
The company said one-time effects from the first-time consolidation of Planet Pharmacies negatively affected its gross margin of 24.5 per cent in the third quarter.
“Without the one-time impact the gross margin of the Julphar business segment further strengthened compared to previous year,” it said.
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