Gulf Pharmaceutical Industries (Julphar) reported a 100 percent increase in revenue to AED1.143 billion ($311 million) in 2021 from AED573 million in 2020.
The company said the increase is primarily attributable to increased market share in key operating regions including the UAE and Saudi Arabia and the contribution from the acquisition of Planet Pharmacies in July 2021.
In 2021, Julphar reported EBITDA from Continuing Operations at AED164.8 million. This growth is due to sales increase and cost savings, in addition to the acquisition and subsequent consolidation of Planet Pharmacies.
By the middle of 2021, the Company marked a return to profit, and closed out the year with net profits at AED63.9 million. The Company’s profit after tax for full year 2021 reached AED59.4 million.
Sheikh Saqer Humaid Al Qasimi, Chairman of the Board, Julphar, said, “The return to profitability is testament to the unwavering commitment of the management team to enact effective strategies that create sustainable growth.”
The company said it is planning to launch more than 15 new products in 2022, with the aim of securing local supply chains of critical pharmaceuticals and life-saving medicines.