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RIYADH: UAE-based Gulf Pharmaceutical Industries, also known as Julphar, announced robust results for the second quarter of the year, with gross profit margin reaching 34 percent.

Julphar performance was mainly driven by a 91 percent  year-on-year increase in net sales, to 419.9 million dirhams ($114.3 million), a statement showed. 

The second quarter marks a return to a double digit margin of 10.5 percent of net sales. 

Earnings before interest, taxes, depreciation, and amortization reached 44.2 million dirhams in the second quarter of the year, compared to 40 million dirhams in the same period of 2021, building on the successful implementation of the turnaround plan in the first quarter, the company said.

Julphar achieved those results with continuing operations, despite geo-economic headwinds that have impacted year-to-date and quarter-on-quarter sales in markets such as Algeria, Ethiopia and Morocco. 

Julphar has achieved 10 percent organic growth from its segment operations. 

“As we continue into the next phase of growth, we will continue to expand our geographic reach and our new launches, with the ultimate ambition of providing sustainable value for patients, shareholders, and stakeholders,” said Julphar CEO Essam Mohammed.

Established in 1980, Julphar employs more than 2,400 people and distributes pharmaceutical products to more than 50 countries across the globe.