Julphar recorded sales of Dh1.3 billion ($353.9 million) for the year ending December 31, 2017, despite the challenging and rapidly changing market environment.
Julphar recently reviewed non-audited preliminary financial results for 2017 and forecasts for 2018, following its board of directors’ meeting, said a statement. The meeting was chaired by Sheikh Faisal Bin Saqr Al Qasimi, chairman of the board of Julphar, it said.
Julphar’s general manager Jerome Carle said: “In 2017, our company faced major challenges, such as currency headwinds, forex shortage, political instability and price cuts,” he said.
“However, key milestones have been achieved, including the official opening of our plant in Saudi Arabia, our entry into three highly important markets with large populations – Mexico, Uzbekistan and Sri Lanka – not to mention being ranked number one in the UAE for the first time,” he added.
Carle continued: “We also registered 130 new products last year and signed an important agreement with the Ministry of Health in the UAE to ensure the availability of critical medical supplies during crisis situations.”
“We are off to a solid start in 2018, as evidenced by the successful acquisition of Gulf Inject, new distribution agreements in Africa and Asia, all of which indicate a healthy outlook for the business. We are building up a solid pipeline and we are targeting double-digit growth in 2018 with the planned launches of 25 new products in UAE,” he said.
“We aim to increase our impact in the global pharmaceutical industry by enhancing our operations in emerging markets and increasing our presence in Africa,” he concluded.
In 2017, Julphar opened a manufacturing facility in Jeddah, Saudi Arabia, adding to its overseas production bases in Ethiopia and Bangladesh. The SR300 million ($80.01 million) plant has the capacity to produce 1 billion tablets, 300 million capsules and 30 million bottles of syrups and suspensions per year.
Earlier, Julphar Saudi Arabia was granted Current Good Manufacturing Practice (cGMP) approval by the Saudi Food and Drug Authority (SFDA), it stated.
