Julphar Reports Financial Results for Q3 2019

New executive management team has begun roll-out of stringent overhauled

quality control framework guided by international best practice

Board confident in company’s ability to deliver against long-term goals

 

 

Gulf Pharmaceutical Industries PSC (Julphar)(ISIN: AEG000201018) (Symbol: JULPHAR), one of the largest pharmaceutical manufacturers in the Middle East and Africa, has reported its financial results for the third quarter of 2019.

 

At the end of September 2019, the company registered net sales of AED 222.6 million and incurred a net loss of AED 390.5 million.

 

In addition to unfavorable market conditions, Julphar’s operations were adversely impacted by a temporary suspension on the export of its products to Saudi Arabia, Kuwait and Oman. The company is awaiting an inspection from Gulf Health Council and SFDA and expects the

provisional suspension in these three markets to be lifted in due course.

 

As a consequence of its financial performance in the first and second quarter 2019, Julphar has taken concise actions to upgrade the processes and procedures in question and achieve cost reductions. In October 2019, the company also announced the appointment of Juergen

Lauterbach as new Chief Finance & Strategy Officer as part of comprehensive changes in the executive management structure.

 

Commenting on Julphar’s outlook, a member of the executive management team said: “Customer health and safety sit at the heart of Julphar’s corporate strategy and operations. We are firmly committed to the roll-out of a new, stringent quality control framework and will remain focused on keeping the company on track towards its vision. Julphar has almost four decades of experience in delivering high quality, innovative and affordable healthcare solutions to families across the globe, and we strongly believe that we will be able to showcase the resilience of our business model.”

 

Julphar’s Board has expressed confidence in the company’s ability to restore full operations imminently and deliver against its long-term goals.