RAS AL KHAIMAH, 22nd April, 2022 (WAM) — The shareholders of Gulf Pharmaceutical Industries (JULPHAR), one of the largest pharmaceutical companies in the Middle East and Africa, approved the Board report of the company’s activities and financial position for the financial year ending 31st December 2021 during the company’s Annual General Meeting.
Julphar successfully completed one of the most remarkable turnaround stories in the region’s pharma sector and marked a return to profit in 2021 with robust top-line growth. The company reported revenues of AED1,143 million, a 100 percent increase as compared to full year 2020 revenue of AED573 million, which is primarily attributable to increased market share in key operating regions, including the UAE and Saudi Arabia and the contribution from Planet Pharmacies LLC acquisition in July 2021.
Julphar also reported EBITDA (earnings before interest, taxes, depreciation and amortization) from Continuing Operations at AED164.8 million, up from a negative EBTIDA of AED -165.8 million in 2020. This growth is due to the sales increase and cost savings, in addition to the acquisition and subsequent consolidation of Planet Pharmacies, allowing Julphar to realise synergies across production and distribution.
Sheikh Saqer bin Humaid Al Qasimi, Chairman of the Board, Julphar, said, “I would like to thank Julphar’s Board of Directors, and our employees for their dedicated contribution towards our success and beyond our transformation journey. I also wish to extend gratitude to our customers and shareholders for their continued support and trust.”
“Our business fundamentals are robust and we have the experience, capabilities and resources to unlock further growth potential in our core markets and beyond,” he added.
Dr. Essam Mohammed, Julphar CEO, said, “I am confident that 2022 will mark further growth and transformation opportunities for Julphar, as we recently launched our Transformational Growth Strategy 2030.We will continue to drive productivity improvements across our divisions. I am confident that we are well-positioned for a bright future by delivering new, innovative healthcare solutions into the hands of our patients and communities we serve.
“We will continue to explore new alliances and partnerships to support our long-term growth prospects, while launching new value-added products in core therapeutic areas and investing in capital expenditure to improve our operational efficiency, leading to growing market share and expanding geographic presence,” he added.
Julphar recently announced its Transformational Growth Strategy 2030 to drive transformation through sustainable growth and deliver enhanced value for all stakeholders. The strategy is set to triple Julphar’s revenues via six central growth pillars – “Maximizing Revenue from current Product Portfolio,” “New Product Launches,” “Geographical Expansion,” “Strategic Business Initiatives,” “Advanced Specialty Products Initiatives”, and “In-Organic Growth Initiatives”.