UAE’s Julphar Posts 5% Rise In H1 Net Profit

UAE pharmaceutical manufacturer Julphar announced that it made a net profit of Dhs116.9 million during the first half of the year, up five per cent compared to the same period last year.

Profit was driven by increased sales, which rose 11 per cent during the period. Private market sales grew 13.4 per cent, Julphar said in a statement.

Sales revenue hit Dhs696.4 million in the first six months of 2013, an increase of 10.5 per cent year-on-year.

Julphar chairman, Sheikh Faisal bin Saqr Al Qasimi said: “Maintaining stable financial growth and delivering sustainable healthcare is a key priority of the board.”

The Ras Al Khaimah-based company, which currently has 12 production facilities, is planning to further expand operations.

In 2012, Julphar began to produce the raw material needed to make insulin, through the launch of a division focusing on diabetes.

Diabetes is one of the major ailments afflicting UAE residents; according to the International Diabetes Federation, about 18.9 per cent of the country’s population has diabetes.

Overall, the UAE’s per capita health-care spend is ranked second highest in the GCC, according to a recent study by Deloitte, and is estimated to rise at the rate of five per cent by 2014.