Net sales

Julphar announces net sales of 419.9 million Dhs for the second quarter of 2022

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

The company announced strong results, achieving MAD 419.9 million in net sales for the second quarter of 2022, marking a 91% increase from the second quarter of 2021.

While geo-economic headwinds have impacted year-to-date and quarter-over-quarter sales in markets such as Algeria, Ethiopia and Morocco, operations and Julphar’s productivity remained constant in these markets and Julphar achieved organic growth of 10% since its segment operations.

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

Earnings before interest, taxes, depreciation and amortization (EBITDA) from continuing operations reached MAD 44.2 million in the second quarter of 2022, which builds on the successful implementation of the turnaround plan in the first quarter of 2022 where the company declared an EBITDA of 40 million Dhs.

The quarter marked a return to a double-digit margin of 10.5% of net sales. The gross profit margin reached 34% in the second quarter of 2022.

Sheikh Saqer Bin Humaid Al Qasimi, Chairman of the Board of Julphar, said: “The first half of 2022 was a powerful demonstration of the strong strategic direction taken by the management team. The successful conclusion of the turnaround plan in the first quarter of 2022 paved the way for the strong results achieved in the second quarter. As we look to the second half of the year, Julphar is in a strong position and well placed to achieve sustainable growth in line with its 2030 Strategic Objectives. I am confident that Julphar is on track to re-emerge as a leader of the market. ”

Dr. Essam Mohammed, CEO of Julphar, said: “Julphar’s transformational growth strategy and the management team’s laser focus on returning to profitability contributed to the strong results. As we continue into the next phase of growth, we will continue to expand our geographic reach and new launches, with the ultimate ambition of delivering lasting value to 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 goal of tripling Julphar’s revenue by 2030, the Company’s management team remains determined to implement its strategy built around six fundamental pillars; maximize revenues from its current product portfolio, new product launches, geographic expansion, strategic business initiatives, advanced specialty product initiatives and inorganic growth initiatives.

Read: UAE’s Julphar records a net profit of Dhs 1.9 million for the first quarter of 2022