Julphar, one of the largest pharmaceutical manufacturers in the Middle East and Africa, has reported net sales of Dh100 million ($27.23 million) and a net loss of Dh96 million ($26.14 million) in the second quarter of 2019.
Jerome Carle, chief executive officer of Julphar, said: “Our second quarter performance was disappointing primarily due to continued challenges in Saudi Arabia coupled with unfavourable conditions in some of our key markets. However, we have started a transformation that will make us stronger in the long run,” he said.
“We remain cautious in our outlook but we are confident we are taking the right actions to ensure a full recovery and achieve our long term objectives,” he added.
“I wish to express my gratitude to our shareholders, our employees, our customers and our partners for their continued support.”
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 in September 2018.
Consequently, the company's management has focused on cost reductions and has taken several actions to strengthen the organisation and maximise cash flows.
Earlier, the company announced the appointment of new executive employees to help guide the company towards profitability and long-term success, it stated. – TradeArabia News Service