Pharmaceutical firm Julphar posts 58% drop in Q1 profit

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.