Abu Dhabi – Mubasher: Gulf Pharmaceutical Industries (Julphar) posted AED 83.2 million accumulated losses as of the end of the second quarter (Q2) of 2020, representing 12.7% of the capital.
The accumulated losses are driven by the temporary suspension of medicine exports to Saudi Arabia, Bahrain, Kuwait, and Oman and a loss in market share amid product recalls due to quality issues, according to the company's disclosure to Abu Dhabi Securities Exchange (ADX) on Wednesday.
Hence, the company has completed capital reduction to offset accumulated losses of the previous year and launched new products in new therapeutic areas in various markets.
Moreover, the company will appoint a new CEO to oversee its operations and businesses.
These measures come alongside with the suspension lift in Saudi Arabia, Bahrain, Kuwait, and Oman.
It is noteworthy to mention that in the first quarter (Q1) of 2020, the company's net losses decreased to AED 62.5 million, compared to AED 89.1 million in the year-ago period.
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