Gulf Pharmaceutical Industries (Julphar) said on Friday it achieved AED 419.9 million ($114 million) in net sales for Q2 2022, marking a 91 percent compared to Q2 2021.
While geo-economic headwinds have impacted year-to-date and quarter-on-quarter sales in markets such as Algeria, Ethiopia and Morocco, Julphar’s operations and productivity have remained consistent in these markets and Julphar has achieved 10% organic growth from its segment operations, the company said in a statement.
Net profit for the period reached AED5.2 million, compared with AED73.4 million in the same period last year.
EBITDA reached AED 44.2 million in Q2 2022 and the quarter marks a return to a double digit margin of 10.5 percent of net sales. Gross profit margin was 34 percent in Q2 2022.
Sheikh Saqer Bin Humaid Al Qasimi, Chairman of the Board, Julphar, said, “Successfully concluding the turnaround plan in the first quarter of 2022 paved the way for the robust results achieved in the second quarter. As we look towards the second half of the year, Julphar is in a position of strength and is well placed to achieve sustainable growth in line with its Strategic Objectives 2030.”