Gulf Pharmaceutical Industries (Julphar), one of the largest pharmaceutical manufacturers in the Middle East and Africa, reported its financial results for the second quarter.

The Company reported robust results achieving Dhs419.9million in net sales for Q2 2022, marking a 91% 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% 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.

EBITDA from continuing operations demonstrated solidifying performance reaching Dhs44.2 million in Q2 2022, which builds on the successful implementation of the turnaround plan in Q1 2022 whereby the Company reported EBITDA of Dhs40 million. Q2 2022 marks a return to a double digit margin of 10.5% of net sales. Julphar remains focused on driving efficiency improvements in its manufacturing operations. Gross profit margin reached 34% 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.”