Gulf Pharmaceutical Industries (Julphar), one of the largest pharmaceutical manufacturers in the Middle East and Africa, has reported revenues of AED859.4 million ($234 million) for the first half of 2023, registering a 2.5% increase year-on-year (+4.7% at constant currency) of AED838.5 million ($228 million) last year amid headwinds in specific geographies, and currency devaluation in Egypt.
Announcing its financial results for the six-month period ended June 30, 2023, Julphar said this growth was driven by improved sales, and a solid and sustained market share increase across its core markets, with subsidiary Planet Pharmacies’ sales delivering +7.1% growth over last year and showing good momentum.
This period witnessed Julphar achieving double digit growth in the UAE and GCC region markets as a result of continued positive developments in key markets, such as Saudi Arabia, Oman, and Kuwait, it stated.
Over 86 million units were sold during the first half, a noticeable increase compared to 70 million in H1 2022, demonstrating the strong momentum of the company in core markets and its ability to balance headwinds occurring in specific and isolated markets.
"During the first half, Julphar's gross profit fell 11.5% to AED242.8 million from AED274.4 million in H1 2022. It also reported an operating loss of AED15.2 million, a decrease compared to the operating income of AED21.3 million reported in the same period last year, with a net loss of AED45.7 million in the first half of 2023 as a result of increased financing costs as well as socio-economic and political challenges within markets such as Iraq, Sudan, and Egypt," said a company spokesman.
"Excluding the impact of one-off events related to impairment of overdue receivables in Lebanon, the adjusted net loss reached AED35.1 million," he stated.
"In addition, ebitda from continuing operations reached a positive AED53.4 million in H1 2023 and achieved a 6.2% ebitda margin as percentage of net sales, in comparison to AED84 million in H1 2022," he added.
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