UAE’s Julphar reports net profit of Dhs63.9m in 2021

UAE’s Julphar reports net profit of Dhs63.9m in 2021

Ras Al Khaimah (RAK) based Gulf Pharmaceutical Industries (Julphar) has announced its financial results for 2021. The company reported a revenue of Dhs1,143m, a 100 per cent increase compared to Dhs573m it earned in 2020. The pharma company attributed the significant rise to increased market share in key operating regions, including the UAE and Saudi Arabia, and the contribution from Planet Pharmacies, which Julphar acquired in July 2021. The company reported earnings before interest, taxes, depreciation and amortisation (EBITDA) from continuing operations at Dhs164.8m, up from a negative EBTIDA of Dhs-165.8m in 2020. Julphar ended the year with robust net profit at Dhs63.9m compared to an operating loss of Dhs241.6m in 2020. The company’s profit after tax for 2021 reached Dhs59.4m, as compared to a loss of Dhs317.4m in 2020. Sheikh Saqer Humaid Al Qasimi, chairman of the board, Julphar, said: “The return to profitability is testament to the unwavering commitment of the management team to enact effective strategies that create sustainable growth. Julphar is focused on the continued development of its core business to provide affordable and quality healthcare solutions in the MENA region.” Dr Essam Mohamed, CEO of Julphar, said: “The company’s 2021 financial results demonstrate strong top