Company reported sales of AED 118.3m
The priority this year is to focus on recovery says CEO
July 31 2019, Ras Al Khaimah (UAE) – Julphar, one of the largest pharmaceutical manufacturers in the Middle East and Africa, has published its financial results for Q1 2019. The company reported revenue of AED 118.3 million and a net loss of AED 91.6m.
Commenting on the announcement, Jerome Carle, CEO of Julphar, said: “In line with expectations, the first quarter of 2019 has been a challenging period for the company. However, the underlying strengths of our core business remain firmly established and we are seeking to achieve our immediate priorities.
“We are confident that we can lay the foundations to pursue future success. The priority this year is to focus on recovery and we have already laid much of the groundwork for this.”
During 2018, Julphar’s revenue was negatively impacted by the Saudi Food & Drug Authority’s temporary ban on the export of the company’s products to the Kingdom. Consequently, the company’s management has focused on cost reductions and has taken several actions to strengthen the organization and maximize cash flows.
Earlier, the Company announced the appointment of new executive employees to help guide the company towards profitability and long-term success.