Dubai – Mubasher: Ras Al Khaimah-based Gulf Pharmaceutical Industries (Julphar) on Thursday reported a net profit of AED 18.4 million for the first quarter of 2018.

Sales of Julphar, one of the largest pharmaceutical manufacturers in the Middle East and Africa, recorded AED 264 million in Q1-18, according to the company’s statement.

“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,” Jerome Carle, General Manager of Julphar, commented.

The company noted that it has put new Accounting Standard IFRS 9 and IFRS 15 into effect.

By the end of the current year, the pharmaceutical firm intends to launch 25 new products in the UAE, in addition to 200 products in the region, the statement showed.

“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,” Carle added.