UAE’s Julphar reports Dhs419.9m in net sales for Q2 2022, marking a 91% increase over Q2 last year

Gulf Pharmaceutical Industries (Julphar), one of the largest pharmaceutical manufacturers in the Middle East and Africa, has announced its Q2 2022 results.

The company reported robust results, achieving Dhs419.9m in net sales for Q2 2022, marking a 91 per cent increase versus Q2 2021.

While geo-economic headwinds have impacted year-to-date and quarter-on-quarter sales in markets such as Algeria, Ethiopia and Morocco, Julphar’s operations and productivity have remained consistent in these markets and Julphar has achieved 10 per cent organic growth from its segment operations.

The strong results reflect increased focus on Julphar’s core markets in MENA, improved market access and the expansion of the company’s product portfolio.

Earnings before interest, taxes, depreciation and amortisation (EBITDA) from continuing operations reached Dhs44.2m in Q2 2022, which builds on the successful implementation of the turnaround plan in Q1 2022 where the company reported an EBITDA of Dhs40m.

The quarter marked a return to a double digit margin of 10.5 per cent of net sales. Gross profit margin reached 34 per cent in Q2 2022.

Sheikh Saqer Bin Humaid Al Qasimi, chairman of the Board, Julphar, said: “The first half of 2022 has been a potent demonstration of the solid strategic direction enacted by the executive team. Successfully concluding the turnaround plan in the first quarter of 2022 paved the way for the robust results achieved in the second quarter. As we look towards the second half of the year, Julphar is in a position of strength and is well placed to achieve sustainable growth in line with its Strategic Objectives 2030. I am confident that Julphar is set to re-emerge as a market leader.”

Dr. Essam Mohammed, CEO of Julphar, said: “Julphar’s transformational growth strategy, and the executive team’s laser focus on returning to profitability has contributed to the strong results. As we continue into the next phase of growth, we will continue to expand our geographic reach and our new launches, with the ultimate ambition of providing sustainable value for patients, shareholders, and stakeholders.”

The company’s 2030 growth strategy, announced in early 2022, will deliver sustainable growth and value to all stakeholders. With the ultimate aim of tripling Julphar’s revenue by 2030, the Company’s executive management team remains committed to delivering on its strategy built around six core pillars; maximising revenue from its current product portfolio, new product launches, geographical expansion, strategic business initiatives, advanced specialty products initiatives, and inorganic growth initiatives.

Read: UAE’s Julphar records Dhs1.9m in net profit for Q1 2022