UAE's Julphar pharma earns $11million net profit in Q1 2017

RAS AL KHAIMAH, 25th May, 2017 (WAM) -- Julphar Gulf Pharmaceutical Industries achieved sales amounting to AED369.3 million with a net profit of AED44.1 million in the first quarter (Q1) of 2017.

The results were announced at company's Board of Directors recent meeting under the chairmanship of Sheikh Faisal Bin Saqr Al Qasimi, Chairman of the board.

During the meeting, the development of company's Vision 2020 was also reviewed, which is the new strategic roadmap, and includes key objectives to stay at the top of the regional market. By 2020, the Emirati company aims to reach more than AED 2 billion sales and rank among the top 3 pharmaceutical companies in the UAE and in Saudi Arabia.

"Despite challenging market conditions and the overall regional situation that are impacting our industry, Julphar is consolidating its market share for the first quarter," said Jerome Carle, Julphars Acting General Manager and Chief Financial Officer. "Julphar confirmed launches of 34 new products in the region. And for the first time in our history, we have reached the first position in the UAE market. The company was ranked No.1 pharmaceutical manufacturer in UAE in IMS Health survey, reflecting a sales growth of 11.5 percent over the last quarter."