Ras Al Khaimah-based Julphar (Gulf Pharmaceutical Industries) recorded sales totalling Dh1.47 billion ($400.11 million) in 2015, an increase of 6 per cent compared to the previous year, it was revealed at the company’s general assembly recently.

The company’s gross profit totalled Dh908.9 million, up 11.1 per cent on 2014, when it was Dh818.4 million. The operating profit stood at Dh249.7 million, an increase of 7.7 per cent over 2014 and the net profit was Dh226.65 million, an increase of 12.2 per cent.

Revenues from seven main markets accounted for 80 per cent of Julphar’s total sales last year, with Saudi Arabia contributing 35 per cent, UAE 16 per cent, Egypt 9 per cent, Iraq 8 per cent, Lebanon 5 per cent, Kuwait per cent, and Libya 3 per cent.

Sheikh Faisal Bin Saqr Al Qasimi, chairman of Julphar, said the company recorded a number of achievements last year. “In the middle of the political crisis that affected some countries, Julphar maintained its stability and its commitment, at the same time raising Julphar’s reputation for pharmaceutical preparations that are respected in more than 40 countries around the world,” he said.

He was highly optimistic about the company’s future and its ability to achieve further growth. He said the Saudi Arabian Julphar factory will go into production before the end of 2016, becoming the third plant owned by Julphar outside the UAE after the Ethiopian and Bangladeshi facilities.

The general assembly approved distribution of 11 per cent of profits in cash, in addition to 4 per cent in shares to shareholders. - TradeArabia News Service