Julphar announces robust Q2 2022 results marking a return to profitability

Julphar announces robust Q2 2022 results marking a return to profitability

Q2 2022 EBITDA from continuing operations of AED 44.2m marks a return to a double digit margin of 10.5% of net sales

Ras Al Khaimah (UAE): Gulf Pharmaceutical Industries PSC (Julphar or the Company), one of the largest pharmaceutical manufacturers in the Middle East and Africa, today reports its financial results for the second quarter.

The Company reported robust results achieving AED 419.9million in net sales for Q2 2022, marking a 91% increase versus Q2 2021. While geo-economic headwinds have impacted year-to-date and quarter-on-quarter sales in markets such as Algeria, Ethiopia and Morocco, Julphar’s operations and productivity have remained consistent in these markets and Julphar has achieved 10% organic growth from its segment operations. The strong results reflect increased focus on Julphar’s core markets in MENA, improved market access and the expansion of the company’s product portfolio.

EBITDA from continuing operations demonstrated solidifying performance reaching AED 44.2 million in Q2 2022, which builds on the successful implementation of the turnaround plan in Q1 2022 whereby the Company reported EBITDA of AED 40 million. Q2 2022 marks a return to a double digit margin of 10.5% of net sales. Julphar remains focused on driving efficiency improvements in its manufacturing operations. Gross profit margin reached