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Julphar logs AED 183m accumulated losses

Julphar logs AED 183m accumulated losses
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Abu Dhabi – Mubasher: Gulf Pharmaceutical Industries (Julphar) has incurred accumulated losses of AED 183.1 million as of the third quarter (Q3) of 2021, representing 16% of the capital.

The losses are driven by the temporary suspension of export medicines to Saudi Arabia, Bahrain, Kuwait, and Oman from the fourth quarter (Q4) of 2018 to the first quarter (Q1) of 2020, the loss of market share, and one-off expenses, according to a bourse filing on Sunday.

To tackle the accumulated losses, the company has taken several measures to return to profitability during 2020 and 2021, including successful market re-entry following the temporary export suspension.

Meanwhile, the company has restructured its product portfolio, launched new products in new therapeutic areas, and divested non-performing assets.