UAE’s Julphar to open Saudi plant Thursday

UAE’s Julphar to open Saudi plant Thursday
(Photo Credit: Arabianeye-Reuters)
Julphar JULPHAR 2.97% 2.43 0.07

Abu Dhabi – Mubasher: Julphar’s chief financial officer Jerome Carle on Wednesday announced that his company will open its manufacturing plant in Saudi Arabia on Thursday, 20 April.

The new plant will support “our objective to expand our manufacturing capabilities in the region and will ensure we are better served to compete in local markets,” Carle added in a statement released Wednesday.

Julphar Saudi Arabia marks the group’s third factory executed outside the UAE and is an addition to Julphar’s Ethiopian and Bangladeshi facilities, launched in 2013 and 2015, respectively, the CFO said.

Also on Wednesday, Julphar’s ordinary general meeting (OGM) approved a cash dividend representing 16% “of profits” as well as 3% in shares to shareholders, according to the statement.

The Abu Dhabi-listed company recorded AED 1.45 billion in sales revenues in the fiscal year 2016, demonstrating “a steady operational performance, posting a gross profit of AED 883.3 million for the year ending 2016 and a net profit of AED 210 million for the period.”

The revenues of seven main markets made up 80% of Julphar’s sales in 2016.

Saudi Arabia was Julphar’s leading market with a contribution of 36%, followed by the UAE with 20%, Iraq with 7%, and Lebanon, Egypt, Kuwait, and Oman with 6%, 4%, 4%, and 3%, respectively.

“Our expertise and local know-how positions us as the pharmaceutical industry’s national leader Made in UAE. In the face of difficult circumstances, last year’s achievements were a testament of Julphar’s commitment to stay true to our mission to be the leader in enabling access to quality pharmaceutical products in the region,” Carle added.

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Source: Mubasher