Gulf Pharmaceutical Industries (Julphar), has seen EBITDA from continuing operations reaching AED45.4 million ($12.36 million) in Q1 2023 boosted by a 8.5% increase in revenue to AED454.1 million. 

 

EBITDA was 13.5% higher compared with the same period last year with a 10% margin, reflecting the company’s commitment towards achieving sustainable operational performance. 

 

Revenues were driven by improved sales and increased market share across its core markets including Saudi Arabia, UAE, Oman and Jordan in line with expected trajectory. During the first quarter, gross profit grew by 5.9% to AED138.3 million from AED130.6 million in Q1 2022.

 

Improved efficiency

Operationally, the company has continued to improve efficiency, with Julphar reporting an operating profit of AED11.5 million, a 35% increase over the AED8.5 million reported in the same period last year supported by steady revenue growth and significant reductions in general and administrative expenses. 

 

Sheikh Saqer Bin Humaid Al Qasimi, Chairman of the Board, Julphar, said: “As the company continues to make strides in revenue growth and drives further efficiency across its operations and core markets, we remain confident that Julphar will be able continuously improve its operational performance and unlock exciting new opportunities.”

 

Basel Ziyadeh, Chief Executive Officer, Julphar, said: “We remain committed to strengthening Julphar’s presence across core markets through the continuous development of our company’s product pipeline in line with our strategic roadmap coupled by our efforts to streamline our operations.”

 

Looking ahead, Julphar remains focused on its strategic areas of the business as the company divests from non-core activities and strengthens sales in core markets to increase market share with its existing portfolio. To support the long-term growth prospects, Julphar continues to explore new alliances and partnerships, whilst also launching new products in core therapeutic areas and investing in capital expenditure to improve operational efficiency.-- TradeArabia News Service