Gulf Pharmaceutical Industries Announces Third Quarter Net Sales of MAD 415.7 Million – News

Q3 2022 EBITDA from continuing operations approaching AED 47.5 million;



Julphar’s headquarters in Ras Al Khaimah. – Photo provided

Published: Fri 11 Nov 2022, 17:52

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 third quarter ended September 30, 2022.

In the third quarter of 2022, Julphar posted continued quarter-on-quarter and year-on-year growth with net sales of 415.7 million dirhams for the third quarter of 2022, an increase of 12 .9% compared to 368.2 million dirhams in the third quarter of 2021.

This increase is attributable to the organic growth of Julphar’s segment activities and reflects the Company’s increased focus on its core markets in the Middle East and North Africa, improved market access and expansion of the company’s product portfolio with new launches.

The Company’s EBITDA from continuing operations increased quarter-on-quarter to MAD 47.5 million from MAD 44.2 million in Q2 2022.

The company’s EBITDA YTD reached MAD 131.7 million, reflecting the improvement in normalized EBITDA year-on-year.

Third quarter EBITDA as a percentage of net sales again reached double digits (11.4%), showing solid momentum and confirming Julphar’s adherence to the strategic outlook going forward, in line with growth commitments medium/long-term strategy defined in the first quarter of 2022 .

Since the beginning of the year, the company has launched 25 new products.  - Photo provided

Since the beginning of the year, the company has launched 25 new products. – Photo provided

The improved performance of the company is based on the continued successful implementation of its two-year strategic turnaround plan, which has seen the company divest non-core and loss-making businesses and improve the efficiency of its operations. Manufacturing.

Sheikh Saqer Bin Humaid Al Qasimi, Chairman of the Board of Julphar, said: “The first nine months of 2022 have seen Julphar’s management team lay a solid foundation for continued and sustainable growth, in line with our 2030 strategic objectives. Our return to profitability in the second quarter and the continuation of our momentum is evidenced by our solid results in the third quarter. Julphar has shown it has a solid strategy with a capable and agile management team. I am confident that the Company will achieve its 2030 objectives and create value for shareholders.”

Dr Essam Mohammed, CEO of Julphar, said: “Our journey over the first nine months of 2022 has demonstrated the continued potential of Julphar and its offering. The strong third quarter results reflect the strategic turnaround plan we completed in early 2022 and highlight Julphar’s continued value potential. As we look to the end of 2022, Julphar remains on track to provide market guidance and we will continue to expand our geographic reach and introduce new products, with the ultimate ambition to deliver lasting value. to patients, shareholders and stakeholders.

In early 2022, the Company announced its 2030 Growth Strategy, which aims to deliver sustainable growth and value to all stakeholders, while tripling Julphar’s revenue. The strategy is built around six fundamental pillars; maximize revenues from its current product portfolio, new product launches, geographic expansion, strategic business initiatives, advanced specialty product initiatives and inorganic growth initiatives.

Year-to-date, the company has launched 25 new products and remains committed to achieving its full-year 2022 goals, including growing market share in current operating territories, achieving sustained and improving operational efficiency.

The company is investing in internal R&D to develop a strong and sustainable pipeline and plans to launch more than 86 new products in well-defined new therapeutic areas in the coming years.