UAE’s Gulf Pharmaceuticals Industries (Julphar) is looking forward to increasing market share, forging alliances, and launching new products this year as losses have narrowed to more than half.
The pharmaceuticals giant announced that it had cut its net loss by 58 percent from $18.7 million last year to $7.9 million during the first quarter of 2021.
During the same period, net sales increased by 60 percent to $45.4 million, owing to the re-opening of core markets such as Saudi Arabia, Oman, and Kuwait and higher sales in North Africa.
“It is encouraging to see the company continue to make strides in terms of sales growth and loss reduction during the last quarter. We are confident that Julphar will be able to improve its financial and operational performance while unlocking exciting new opportunities.”
Julphar said in a statement that it will continue to concentrate on “strategic areas” as it divests from non-core activities and further boost its sales in key markets.
The statement added that “to support the long-term growth prospects, Julphar continues to explore new alliances and partnerships, while also launching new products in core therapeutic areas and investing in capital expenditure to improve operational efficiency.”
Julphar is one of the largest pharmaceutical companies in the Middle East and Africa (MEA), with products distributed in over 50 countries.
Last month, the company announced that it had secured a $0.27 billion syndicated loan facility with Arab Bank, RAKBANK, and Dubai Islamic Bank. Julphar will use the facility to refinance existing debt as well as support its investment and expansion plans.
The company also stated that cash flow from operating activities improved year over year in the first quarter, reaching 0.8 million.
“The operational performance of the company has also made considerable progress towards reaching profitability, with Julphar generating a 3.3 million positive EBITDA for the first time since three years,” the statement added.