• Company putting strategy in place to help strengthen financial health 

Ras Al Khaimah (UAE) - Julphar, one of the largest pharmaceutical manufacturers in the Middle East and Africa, has announced its preliminary 2018 results.

The company reported non-audited 2018 net sales of AED 863 million and a net loss of AED 153m. Consequently, the company’s management has focused on cost reductions and has taken several actions to strengthen the organization and maximize cash flows.

Jerome Carle, General Manager of Julphar said, “We saw a decline in our revenue and profitability due to the headwinds in Saudi Arabia, but we continued to work hard on new products launches and building new alliances, which will have a positive impact on our long-term performance.

“In 2019, challenges still lie ahead but we are taking steps to strengthen our financial health as part of a new far reaching strategy that will see us increasing our effectiveness and efficiency.”

One of the first steps, said Carle, was a reorganization of its workforce, which would enable the company to better prepare for the future and to “anticipate and respond to trends and challenges in the constantly evolving marketplace”.

“As we assessed the implications of various factors on our business, we made the difficult decision that workforce reductions were necessary,” said Carle. “Where roles were impacted, full support was given to explore reassignment opportunities within the organization. It is never an easy decision to reduce staff numbers but recent events and the slowdown in certain markets made it unavoidable.”

“We are confident that by making these difficult decisions now, we will be in a much better position moving forward. By aligning our operations and resources, we can continue with our strategic plan to revitalize the company for the future”, he added.

-Ends-

About Julphar 

Julphar is one of the largest pharmaceutical manufacturers in the Middle East and Africa and for almost four decades, the company has been delivering high quality, innovative and affordable healthcare solutions to families across the globe. Established under the guidance of His Highness Sheikh Saqr Bin Mohammed Al Qasimi in 1980, Julphar employs more than 5,000 people and distributes pharmaceutical products to 50 countries on five continents.

Julphar’s business is centered on three core business units – Julphar Diabetes Solutions, General Medicines and its consumer division, Julphar Life – which target major therapeutic segments including Gastrology, Pain Management, Wound Care, Antibiotics and Cardio-metabolism. Julphar has 16 internationally accredited facilities in Africa, Middle East and Asia that produce more than a million boxes of medicine a day. In 2012, Julphar became one of the largest producers of insulin in the world.

For more information, visit http://www.julphar.net 

For media enquiries, please contact:

Chris Goward

Julphar

Corporate Communications

T +971 7 246 1461 | M +971 58 263 3997

Email: chris.goward@julphar.net 

© Press Release 2019

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