Gulf Pharmaceutical Industries, also known as Julphar, swung to a profit in the first quarter of 2022 from a net loss the previous year, as revenue grew on the back of higher sales in its core markets.
Net profit attributable to equity holders of the parent for the three-month period to the end of March was Dh1.5 million, compared with a loss of Dh24m during the same period last year, the company said in a statement to the Abu Dhabi Securities Exchange, where its shares are traded.
Revenue from contracts with customers during the period more than doubled to Dh418.6m.
The company said an increase in sales and market share in its core markets including the UAE, Saudi Arabia, Iraq and Kuwait, as well as the "implementation of cost-saving initiatives and divestment of non-core activities”, underpinned the return to profitability.
Julphar is a manufacturer of largely generic drugs. It also makes insulin for diabetics and a range of personal care products. The company employs more than 2,400 people and distributes pharmaceutical products to more than 50 countries across the globe.
Last year, Julphar sold its Dubai-based subsidiary Gulf Inject to GlobalOne Healthcare, a division of Abu Dhabi's Yas Holding, in a bid to focus on its core product portfolio and strengthen its business.
The company also acquired 100 per cent of Dubai-based pharmaceuticals distribution company Planet Pharmacies to grow its business in the region.
Julphar, which previously held a 40 per cent stake in Planet Pharmacies, bought the remaining 60 per cent stake from Kamco Invest to complete the deal last year.
The company will focus on strategic areas of business and retail pharmacies expansion in the UAE and Saudi Arabia, the Arab world’s two largest economies, it said in a separate statement on Monday.
It will also forge new alliances and partnerships to strengthen its product portfolio and increase capital expenditure as it looks to expand its production capacity and capitalise on new growth opportunities in the sector.
The pharmaceutical market in the Middle East and North Africa is expected to grow 5.7 per cent annually to reach $56 billion by 2025, according to Julphar.
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Boulder shooting victims
• Denny Strong, 20
• Neven Stanisic, 23
• Rikki Olds, 25
• Tralona Bartkowiak, 49
• Suzanne Fountain, 59
• Teri Leiker, 51
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US PGA Championship in numbers
1 Joost Luiten produced a memorable hole in one at the par-three fourth in the first round.
2 To date, the only two players to win the PGA Championship after winning the week before are Rory McIlroy (2014 WGC-Bridgestone Invitational) and Tiger Woods (2007, WGC-Bridgestone Invitational). Hideki Matsuyama or Chris Stroud could have made it three.
3 Number of seasons without a major for McIlroy, who finished in a tie for 22nd.
4 Louis Oosthuizen has now finished second in all four of the game's major championships.
5 In the fifth hole of the final round, McIlroy holed his longest putt of the week - from 16ft 8in - for birdie.
6 For the sixth successive year, play was disrupted by bad weather with a delay of one hour and 43 minutes on Friday.
7 Seven under par (64) was the best round of the week, shot by Matsuyama and Francesco Molinari on Day 2.
8 Number of shots taken by Jason Day on the 18th hole in round three after a risky recovery shot backfired.
9 Jon Rahm's age in months the last time Phil Mickelson missed the cut in the US PGA, in 1995.
10 Jimmy Walker's opening round as defending champion was a 10-over-par 81.
11 The par-four 11th coincidentally ranked as the 11th hardest hole overall with a scoring average of 4.192.
12 Paul Casey was a combined 12 under par for his first round in this year's majors.
13 The average world ranking of the last 13 PGA winners before this week was 25. Kevin Kisner began the week ranked 25th.
14 The world ranking of Justin Thomas before his victory.
15 Of the top 15 players after 54 holes, only Oosthuizen had previously won a major.
16 The par-four 16th marks the start of Quail Hollow's so-called "Green Mile" of finishing holes, some of the toughest in golf.
17 The first round scoring average of the last 17 major champions was 67.2. Kisner and Thorbjorn Olesen shot 67 on day one at Quail Hollow.
18 For the first time in 18 majors, the eventual winner was over par after round one (Thomas shot 73).
