UAE-based Julphar Gulf Pharmaceutical Industries, the largest generic pharmaceutical manufacturer in Middle East and North Africa (Mena), has revealed that it has closed the year 2016 with sales of Dh1.45 billion ($394.7 million).

The company’s operating profit stood at Dh229 million ($62.3 million) and the net profit for the period was Dh210 million ($57.1 million), it said.

Despite the challenging and rapidly changing market environment, the company continued to perform strongly, which demonstrates its solid and stable foundation, said a statement from Julphar.

Commenting on the results, Julphar’s chief financial officer Jerome Carle said: “2016 was another year of great achievements for our organisation and I am confident that we are equipped to take on new opportunities that will come our way in 2017.

“As one of the UAE’s most ambitious company, we are now expanding to maximise presence in the region and strives to make an impact in the global stage, with the finalisation of our world-class manufacturing facility in Saudi Arabia later this month,” he added.

“This expansion has been possible thanks to the dedication and remarkable effort of our network of 3,000 employees, and i would like to express my gratitude to them for their hard work,” he concluded. – TradeArabia News Service