dayofdubai | Q2 2019 Results of Julphar gets Announced

Monday, Jun 19, 2023
Hijri Date
℃ Dubai, UAE

Business

ID Number 10204
Aug 07, 2023
202

Q2 2019 Results of Julphar gets Announced

Julphar, one of the biggest pharmaceutical producers in the Middle East and Africa, has declared its second quarter 2019 financial outcomes.

The company reported Q2 2019 net sales of AED 100 million and a net loss of AED 96m.

Jerome Carle, CEO of Julphar, stated: "Firstly, I wish to express my gratitude to our shareholders, our employees, our customers and our partners for their continued support.

"Our second quarter performance was disappointing primarily due to continued challenges in Saudi Arabia coupled with unfavorable conditions in some of our key markets. However, we have started a transformation that will make us stronger in the long run.

"We stay cautious in our outlook but we are confident we are taking the correct actions to guarantee a full recovery and accomplish our long term targets."

Julphar's revenue was adversely impacted by the Saudi Food & Drug Authority's temporary ban on the export of the company's products to the Kingdom in September 2018. Therefore, the company's management has centered on cost reductions and has taken several actions to strengthen the organization and maximize cash flows.
Prior, the Company declared the appointment of new executive employees to help guide the company towards profitability and long-term achievement.

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