Gulf Pharmaceutical Industries, one of the largest pharmaceutical manufacturers in the Middle East and Africa, has reported its year-end 2020 financial results, posting revenues of Dh581.2 million with a growth of 93 per cent over the previous year primarily due to successful market strategies in Saudi Arabia, Oman, Kuwait, Bahrain, Iran and Egypt.
The company, more popularly known as Julphar, achieved a positive operational earnings before interest, taxes, depreciation and amortisation (Ebitda, before one-time effects) of Dh7.1 million, generated by the robust sales growth, gross margin improvement and strict cost containment measures implemented during the year.
The company had a net loss of Dh317.4 million in 2020 majorly due to one-time/non-operational expenses of Dh201.3 million.
During 2020, the equity of the company increased from Dh878 million to Dh1.07 billion, following the successful completion of the rights issue in July 2020. The group has made significant progress with its transformation program and strengthened the management with several new recruitments during the year. Julphar achieved substantial efficiency improvements through cost savings in manufacturing, selling and distribution expenses before the one-off expenses.
Sheikh Saqer Humaid Al Qasimi, Julphar's Chairman of the Board, 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.”
CEO Dr Essam Farouk 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.”
In the coming years future, Julphar will continue to focus on to build new alliances and partnerships to strengthen the company’s revenues growth and expand its distribution footprint. Also Julphar will augment the product portfolio through the launch of new innovative 150-plus products in existing and newly introduced high value therapy areas.
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