UAE-based Julphar, one of the largest pharmaceutical manufacturers in the Middle East and Africa (MEA), has reported first quarter 2018 sales of Dh264.0 million ($71.87 million) and a net profit of Dh18.4 million ($5.0 million).

The financial results follow the implementation of new Accounting Standard IFRS 9 and IFRS 15, said a statement.

Julphar’s Q1 2018 results were announced at a board of directors’ meeting, which was chaired by Sheikh Faisal Bin Saqr Al Qasimi, chairman of the board of Julphar, it said.

Jerome Carle, general manager, Julphar, said: “We have delivered a good first quarter performance, in line with our internal target.”

“In the first three months of 2018, we made significant progress in UAE and Levant and we resumed our operations in Libya,” he said.

“This is a good set of results showing the progress we are making. We continued to strengthen our positions through new product launches in cardiology and respiratory, and the execution of our long-term strategy in consumer healthcare. We also improved our working capital KPI, after rolling out several strategic initiatives last year,” he added.

Carle continued: “We are well-positioned for a strong and profitable second quarter and remain focused on delivering shareholder value through organic and strategic growth opportunities.”

“In combination with our expansion initiatives in place such as Saudi Arabia and Africa, we believe there are firm drivers for our growth in 2018,” he concluded.

Earlier, it was announced that Julphar had been ranked number one pharmaceutical company in the UAE by IMS Health, reflecting a strong double digit sales growth versus 2017. This year, the company plans to launch 25 new products in the UAE and register 200 new products in the region, said a statement.

Carle added: “We are off to a strong start in 2018. We have reached the number one position in the UAE in terms of market share, our new management team is now fully on board and we are building up a solid products pipeline.” – TradeArabia News Service