Gulf Pharmaceutical Industries (Julphar) reported on Tuesday its financial results for the first quarter ending March 31, 2022, announcing Dhs418.6 million in net sales in first quarter of 2022, a 156 per cent increase from first quarter of 2021.

Growth was driven by an increase in sales attributed to the strategic acquisition of Planet Pharmacies and a 37 per cent organic growth from the Julphar Segment operations, reflecting the increased focus on Julphar’s core markets in Mena, improved market access and the expansion of the company’s product portfolio.

Ebitda from continuing operations increased to Dhs40 million in the first quarter of 2022, a significant increase from Dhs0.2 million in the first quarter of 2021. The improved profitability results from Julphar’s successful implementation of its two-year strategic turnaround plan, divesting from non-core and loss-making activities and delivering efficiency improvements in its manufacturing operations. Gross profit margin increased to 41 per cent compared to 28 per cent in the previous year.

Net profit of the Julphar Group for the period reached Dhs1.9 million, marking a return to profitability compared to a loss of Dhs29.2 million in first quarter, 2021. Cash flow from operations was Dhs10.2 million in first quarter of 2022, up from Dhs3 million in Q1, 2021.

Sheikh Saqer Bin Humaid Al Qasimi, Chairman of the Board of Julphar, said, “This is a strong set of results that build on our financial turnaround of the past two years. With a visionary management team and a cohesive 2030 strategy, we are well-positioned to re-establish Julphar as a market leader and better serve our clients in the Mena region and beyond.” Dr. Essam Mohammed, Chief Executive Officer of Julphar, said, “We have successfully delivered our strategic turnaround priorities and delivered robust growth across key performance drivers.

WAM