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Julphar annual profit jumps 15% to Dh230.4m

Ras Al Khaimah: Gulf Pharmaceutical Industries (Julphar) on Sunday registered a 14.9 per cent year-on-year growth in net profit to Dh230.4 million.

Sales during the year rose 15.4 per cent to Dh1,362.1 million, driven by the private market sales which saw a growth of 19.4 per cent.

“The UAE is driving forward healthcare expansion at an international level and Julphar is proud to play a significant role in shaping the future of our industry. As the first and largest Emirati pharmaceutical company, we are positioned to help create a truly global platform for quality healthcare,” said Shaikh Faisal Bin Saqr Al Qasimi, Chairman of Julphar.

Gross profit during the period stood at Dh820.7 million, up 17.7 per cent while operating profit for the year, on the other hand, was Dh235.9 million, up 8.6 per cent.

“2013 has been another great year for the company. The sales mix has seen some shifts during the year. In the private market segment, while our traditional strongholds like Saudi Arabia, the UAE, Iraq and Lebanon have continued to see strong double-digit growth, Kuwait, Oman and Morocco too saw a strong demand for our products. In the tender segment, on the other hand, Libya, Jordan, Ethiopia and Yemen showed strong performance”, said GVG Krishna, Chief Financial Officer at Julphar.

Operating profit margin during the period saw a robust 17.3 per cent growth.