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Ras Al Khaimah-based Gulf Pharmaceutical Industries (Julphar) will continue expansion of its retail pharmacies in the UAE and Saudi Arabia, after the pharma major returned to profit in 2021 following divestment of non-core subsidiaries.
Reporting a profit of AED 59.4 million ($16.2 million) for 2021, after a loss of AED 317.1 million in 2020, the company said it would continue its retail pharmacy expansion, while also launching new products in core and non-core therapeutic areas.
In July 2021, Julphar acquired full control of Planet Pharmacies, which has has a retail division, Health First Pharmacies.
Dr Essam Mohamed, CEO, said: “The Company’s 2021 financial results demonstrate strong topline and bottomline growth.
“Underscored by sales increase and cost-saving, the strategic acquisition of Planet Pharmacies, and Julphar’s cash flow positive position primes it for further growth opportunities as it continues its drive to bring its first-in-class new products and new added value medicines throughout the region.”
Julphar reported revenue of AED 1.14 billion in 2021, compared with AED 573 million in 2020.
It sold subsidiary Gulf Inject in September and a 51 percent stake in Saudi’s Alpha Pharma in June.
(Writing by Imogen Lillywhite; editing by Seban Scaria)
