Gulf Pharmaceutical Industries (Julphar) announced AED 418.6 million ($113.97m) of net sales in Q1 2022, marking a 156 percent increase from Q1 2021.
Julphar reported on Tuesday its financial results which concluded 31st March 2022.
Gross profit margin increased to 41 percent compared to 28 percent in the previous year.
Julphar’s net profit in Q1 2022 reached AED1.9 million ($0.52m), with a return to profitability compared to a loss of AED29.2 million ($7.95m) in Q1, 2021.
Cash flow from operations was AED10.2 million in Q1 2022, up from AED – 3 million in Q1, 2021.
The increase in Julphar’s sales was due to the strategic acquisition of Planet Pharmacies and a 37 percent growth in its Segment operations.
This reflects an increased focus on Julphar’s core markets in MENA, improved market access and the expansion of the company’s product portfolio.
EBITDA from continuing operations increased to AED40 million in Q1 2022, a significant increase from AED0.2 million in Q1 2021.
Julphar’s two-year strategic turnaround plan also resulted in a profit.
This also includes divesting from non-core and loss-making activities and delivering efficiency improvements in its manufacturing operations.
