RAS AL KHAIMAH - Gulf Pharmaceutical Industries (Julphar), a leading pharmaceutical powerhouse in the MENA region, today announced its financial results for the second quarter (Q2) and the first half (H1) of 2024, reflecting significant growth across key performance indicators.

Julphar reported robust sales growth during the first half of the year, driven by a particularly strong second quarter. The company's sales for the first half of 2024 reached AED 883.1 million representing a growth of 2.8%. In Q2, sales reached to AED 444.0 million, marking a 9.5% growth compared to the previous quarter (+10.1% at constant currency).

Revenue through our pharmacy retail and wholesale operations Planet Pharmacies, continues to demonstrate strong growth reaching AED 576.9 million for the first, this represents an 8.4% increase compared to the same period last year.

Profitability witnessed remarkable improvement. During the first half of the year, the company further reduced its core net losses before taxes by AED 42.8 million navigating from AED -40.5 million in H1’23 to AED +2.3 million for current year, and increasing EBITDA during the first half of the year increasing by AED 55.0 million from AED 53.4 million to AED108.4 million, demonstrating the progress on our efficiency improvement initiatives.

Additionally, Julphar reported strong cash flow from operations, reaching to AED 101.0 million, compared to AED -15.7 million in the same period last year driven by the efficiency initiatives and increased focus on working capital management.

Julphar’s resilient performance during this period underscores the strength and commitment of our teams across our operating markets and our ability to enhance our operational efficiency while sustaining our growth trajectory. The company is steadily boosting its investment in its portfolio and pipeline, with an increased focus on specialized therapy areas.

Sheikh Saqer Bin Humaid Al Qasimi, Chairman of the Board, Julphar, said: "Serving millions of patients across therapeutic areas, we are confident that our growth mindset and focus on innovation, collaboration and geographical expansion will help us deliver continued positive impact to the healthcare sector and to the knowledge economy in the GCC and beyond. Our Growth Strategy 2030 guides our commitment to deliver excellence in the form of first-to-market products and value-adding medicines.”

Basel Ziyadeh, Chief Executive Officer, Julphar, added: “These strong results are embarking Julphar’s journey to deliver sustainable long-term growth and value to shareholders. As we invest in the future, we remain committed to strengthening our capabilities, implementing transformational changes across our organization to drive efficiencies across all our operations while we continue reassessing our go to market models and our non-core areas.”