Julphar Reports strong Q3 2024 Financial Results

Julphar continues strong momentum in Q3 2024 with revenue growth of 14.0% reaching AED

417.1m, resulting in EBITDA of 45.1m, a 108.8% growth versus previous year.

14th November 2024, Ras Al Khaimah, UAE: Gulf Pharmaceutical Industries (Julphar), a prominent leading pharmaceutical company in the MENA region, today announced its financial results for the third quarter and the nine months of 2024.

Julphar made considerable strides in sales growth during the nine months of the year, driven by robust sales growth of the third quarter. The company’s YTD sales reached AED 1,300.2m representing a growth of 6.1%. In Q3, sales reached AED 417.1m, growing at 14.0% compared to the same period last year (+15.3% at constant currency).

Revenue through our pharmacy retail and wholesale operations Planet Pharmacies, continues to demonstrate strong growth reaching AED 848.9m for YTD at 9.4% growth compared to the same period last year.

Profitability showcases a marked improvement during the nine months of the year. The company further reduced its net loss from continuing operations by AED 72.8m navigating from AED -79.9m to AED -7.1m for the current year. EBITDA doubled versus same period last year and reached AED 153.5m, demonstrating successful execution of our strategic efficiency initiatives and profitability improvement.

Additionally, Julphar’s financial position exhibited discipline with strong cash flow from operations reaching AED 136.9m compared to AED -22.6m in the same period of last year, as a result of our strong working capital management and profitability improvement. The results underscore our continued progress on commercial execution, driving portfolio

growth and pipeline advancement with 55 new products registered across MENA during the period to be launched subsequently. Our performance is bolstered by the unwavering dedication and commitment of our team across all our markets to continue delivering great results while we focus on our strategy execution and build foundation for long-term sustainable growth.

Sheikh Saqer Bin Humaid Al Qasimi, Chairman of the Board, Julphar, said: "Serving millions of patients across therapeutic areas, we are confident that our growth mindset and focus on innovation, collaboration and geographical expansion will help us deliver continued positive impact to the healthcare sector and to the knowledge economy in the GCC and beyond. Our Growth Strategy 2030 guides our commitment to deliver excellence in the form of first-to-market products and value-adding medicines.”

Basel Ziyadeh, Chief Executive Officer, Julphar, added: “Our results reflect our dedication to deliver sustainable, profitable growth and outstanding value to our shareholders. Strategically, we are broadening potential opportunities in the region that enable us to navigate and achieve further growth. Our focus remains on continuous enrichment of our portfolio and pipeline, driving operational excellence and strengthening our capabilities.”