Julphar half-year revenues surge to Dhs859.4m on solid growth

Julphar half-year revenues surge to Dhs859.4m on solid growth

Image courtesy: Gulf Pharmaceutical Industries

Gulf Pharmaceutical Industries (Julphar) has posted Dhs859.4m in half-year revenues, a 2.5 per cent year-on-year (YoY) increase from Dhs838.5m a year ago, driven by improved sales and a solid and sustained market share increase across its core markets.

The Ras Al Khaimah-based pharmaceutical firm said it registered double-digit growth in the UAE and GCC region markets due to continued positive developments in key markets such as Saudi Arabia, Oman, and Kuwait.

Julphar’s subsidiary, Planet Pharmacies, reported more than 7.1 per cent growth in sales and is showing good momentum in the retail and distribution business.

The company said more than 86 million units in the first half of the year, a significant increase from 70 million in H1 2022, demonstrating the company’s ability to balance headwinds occurring in specific and isolated markets.

The pharmaceutical company’s H1 2023 profit plunged by 11.5 per cent to Dhs242.8m from Dhs274.4m in the first half of 2022.

Julphar reported an operating loss of Dhs15.2m compared to Dhs21.3m in the same period a year ago.

The company also reported a net loss of Dhs45.7m in the first half of 2023 as a result of increased financing costs as well as socio-economic and political challenges within markets