Ras Al Khaimah-based Gulf Pharmaceutical Industries PSC (Julphar) said its accumulated losses are now 16 percent of its capital ratio, but the company had returned to profitability.
Accumulated losses reached AED 181 million ($49 million) in the third quarter of 2021, down from AED 293 million at the end of 2020, financial reports show.
The company said it turned a profit of AED 53.8 million in the third quarter of 2021, and AED 98 million for the first nine months of the year.
The company attributed losses to the suspension of medicine exports during Q4 2018 and Q1 2020 to Saudi Arabia, Bahrain, Kuwait and Oman by the Saudi Food and Drug Authority and the Gulf Health Council, as well as one-off expenses due to factors including write-offs, product expirations and tender penalties.
In a statement to Abu Dhabi Securities Exchange (ADX) the company said it had re-entered the four markets and restructured its product portfolio as well as divesting non-performing assets.
It was first reported earlier this year that Julphar was manufacturing COVID-19 vaccine Hayat-vax in partnership with G42.
The company announced the sale of a 51 percent stake in Saudi Arabia’s Alpha Pharmacy in July.
The sale of 100 percent of IV fluid company Gulf Inject to fund expansion was announced in September.
(Reporting by Imogen Lillywhite; editing by Seban Scaria)
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