Phar­ma­ceu­ti­cal firm Jul­phar posts 58% drop in Q1 profit

The National - News - - BUSINESS - MAH­MOUD KASSEM

Jul­phar, a Ras Al Khaimah phar­ma­ceu­ti­cal com­pany, re­ported a 58 per cent drop in first quar­ter net profit due to a de­crease in rev­enue.

The com­pany said profit for the pe­riod fell to Dh18.4 mil­lion from the same pe­riod a year ear­lier. Net sales de­clined 21 per cent to Dh264m in the first three months of the year from the cor­re­spond­ing pe­riod in 2017.

The com­pany said the re­sults were cal­cu­lated ac­cord­ing to the new ac­count­ing stan­dard IFRS 9 and IRS 15.

Jul­phar “de­liv­ered a good first quar­ter per­for­mance, in line with our in­ter­nal tar­get,” said Jerome Carle, the gen­eral man­ager.

“In the first three months of 2018, we made sig­nif­i­cant progress in the UAE and Le­vant and we re­sumed our op­er­a­tion in Libya.”

Mr Carle said that the com­pany, which dis­trib­utes medicines to over 40 coun­tries, had new prod­uct launches in car­di­ol­ogy and res­pi­ra­tory.

He also said Jul­phar is well po­si­tioned for a prof­itable sec­ond quar­ter and re­mains fo­cused on de­liv­er­ing share­holder value through or­ganic growth op­por­tu­ni­ties.

“In com­bi­na­tion with our ex­pan­sion ini­tia­tives in places such as Saudi Ara­bia and Africa, we be­lieve there are firm driv­ers for our growth in 2017,” he said.

The com­pany also said it plans to launch 25 prod­ucts in the UAE and reg­is­ter 200 new prod­ucts in the re­gion.

Jul­phar has thirteen fa­cil­i­ties in the UAE and has man­u­fac­tur­ing fa­cil­i­ties in Ethiopia, Bangladesh and Saudi Ara­bia.

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