WAM: Gulf Pharmaceutical Industries (Julphar) reported on Tuesday its financial results for the first quarter ending 31st March, 2022, announcing AED418.6 million in net sales in Q1 2022, a 156% increase from Q1 2021.
Growth was driven by an increase in sales attributed to the strategic acquisition of Planet Pharmacies and a 37% organic growth from the Julphar Segment operations, reflecting the increased focus on Julphar’s core markets in MENA, improved market access and the expansion of the company’s product portfolio.
EBITDA from continuing operations increased to AED40 million in Q1 2022, a significant increase from AED0.2 million in Q1 2021. The improved profitability results from Julphar’s successful implementation of its two-year strategic turnaround plan, divesting from non-core and loss-making activities and delivering efficiency improvements in its manufacturing operations. Gross profit margin increased to 41% compared to 28% in the previous year.
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