Julphar attributed losses to temporary suspension in the export of medicines to Saudi Arabia, Oman, Bahrain and Kuwait as well as product recalls due to quality issues. Jeff Topping / The National
Julphar attributed losses to temporary suspension in the export of medicines to Saudi Arabia, Oman, Bahrain and Kuwait as well as product recalls due to quality issues. Jeff Topping / The National
Julphar attributed losses to temporary suspension in the export of medicines to Saudi Arabia, Oman, Bahrain and Kuwait as well as product recalls due to quality issues. Jeff Topping / The National
Julphar attributed losses to temporary suspension in the export of medicines to Saudi Arabia, Oman, Bahrain and Kuwait as well as product recalls due to quality issues. Jeff Topping / The National

Julphar chief executive steps down as company faces mounting pressure


Sarmad Khan
  • English
  • Arabic

The chief executive of Gulf Pharmaceutical Industries is stepping down from his post at the UAE’s troubled listed drugs manufacturer.

Julphar, as the pharmaceutical firm is commonly known, said Jerome Carle has “tendered his resignation” and the board has accepted it. His last working day will be December 8, the firm said in a statement to Abu Dhabi Security Exchange, where its shares are listed.

Julphar did not give a reason for Mr Carle’s departure from the firm. He joined the company as corporate chief financial officer in January 2017 and took over the role of general manager in August 2017. He has been serving as chief executive since May this year, according to his LinkedIn profile. He previously worked for French pharmaceutical giant Sanofi.

Julphar, one of the biggest generic drugs manufacturers in the Middle East and North Africa, in recent months had to recall several of its products from cough syrups to mouthwash, as health authorities in the UAE raised concerns.

The Ras al Khaimah-headquartered firm has also replaced several of its top executives in recent months and appointed new board members as financial stress mounted on the firm. The company also cut about 150 jobs, or 3 per cent of its workforce, Bloomberg reported in July.

A small proportion of staff were affected by a “modest restructuring” and the company was in the process of announcing its new executive team, Mr Carle told the news agency at the time,  saying it was working with consultancy firms to help optimise the business.

A September 2018 ban on the company’s exports to the Saudi Arabia, the biggest GCC pharma market, added to Julphar’s woes.

The firm, which has about Dh817 million of debt as of June 30, last month reported net sales of Dh100.1m and a net loss of Dh94.8m to shareholders for the second quarter of this year, citing the impact on its revenue from the Saudi ban.

“Our second quarter performance was disappointing primarily due to continued challenges in Saudi Arabia coupled with unfavourable conditions in some of our key markets. However, we have started a transformation that will make us stronger in the long run,” Mr Carle said in a statement carrying its financial results.

After the Saudi Food & Drug Authority’s ban, the company had focused on cost reductions and taken “actions to strengthen the organisation and maximise cash flows”, it said in the statement.

Anti-semitic attacks
The annual report by the Community Security Trust, which advises the Jewish community on security , warned on Thursday that anti-Semitic incidents in Britain had reached a record high.

It found there had been 2,255 anti-Semitic incidents reported in 2021, a rise of 34 per cent from the previous year.

The report detailed the convictions of a number of people for anti-Semitic crimes, including one man who was jailed for setting up a neo-Nazi group which had encouraged “the eradication of Jewish people” and another who had posted anti-Semitic homemade videos on social media. 

Results

3pm: Handicap (PA) Dh40,000 (Dirt) 1,000m; Winner: Dhafra, Antonio Fresu (jockey), Eric Lemartinel (trainer)

3.30pm: Maiden (PA) Dh40,000 (D) 2,000m; Winner: Al Ajayib, Antonio Fresu, Eric Lemartinel

4pm: Handicap (PA) Dh40,000 (D) 1,700m; Winner: Ashtr, Abdul Aziz Al Balushi, Majed Al Jahouri

4.30pm: Handicap (TB) Dh40,000 (D) 1,700m; Winner: Falcon Claws, Szczepan Mazur, Doug Watson

5pm: Sheikh Dr Sultan bin Khalifa Al Nahyan Cup – Prestige Handicap (PA) Dh100,000 (D) 1,700m; Winner: Al Mufham SB, Al Moatasem Al Balushi, Badar Al Hajri

5.30pm: Sharjah Marathon – Handicap (PA) Dh70,000 (D) 2,700m; Winner: Asraa Min Al Talqa, Al Moatasem Al Balushi, Helal Al Alawi

The specs

AT4 Ultimate, as tested

Engine: 6.2-litre V8

Power: 420hp

Torque: 623Nm

Transmission: 10-speed automatic

Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)

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UAE currency: the story behind the money in your pockets
THE BIO: Martin Van Almsick

Hometown: Cologne, Germany

Family: Wife Hanan Ahmed and their three children, Marrah (23), Tibijan (19), Amon (13)

Favourite dessert: Umm Ali with dark camel milk chocolate flakes

Favourite hobby: Football

Breakfast routine: a tall glass of camel milk

Some of Darwish's last words

"They see their tomorrows slipping out of their reach. And though it seems to them that everything outside this reality is heaven, yet they do not want to go to that heaven. They stay, because they are afflicted with hope." - Mahmoud Darwish, to attendees of the Palestine Festival of Literature, 2008

His life in brief: Born in a village near Galilee, he lived in exile for most of his life and started writing poetry after high school. He was arrested several times by Israel for what were deemed to be inciteful poems. Most of his work focused on the love and yearning for his homeland, and he was regarded the Palestinian poet of resistance. Over the course of his life, he published more than 30 poetry collections and books of prose, with his work translated into more than 20 languages. Many of his poems were set to music by Arab composers, most significantly Marcel Khalife. Darwish died on August 9, 2008 after undergoing heart surgery in the United States. He was later buried in Ramallah where a shrine was erected in his honour.

Specs

Engine: Dual-motor all-wheel-drive electric

Range: Up to 610km

Power: 905hp

Torque: 985Nm

Price: From Dh439,000

Available: Now

ELIO

Starring: Yonas Kibreab, Zoe Saldana, Brad Garrett

Directors: Madeline Sharafian, Domee Shi, Adrian Molina

Rating: 4/5

The Byblos iftar in numbers

29 or 30 days – the number of iftar services held during the holy month

50 staff members required to prepare an iftar

200 to 350 the number of people served iftar nightly

160 litres of the traditional Ramadan drink, jalab, is served in total

500 litres of soup is served during the holy month

200 kilograms of meat is used for various dishes

350 kilograms of onion is used in dishes

5 minutes – the average time that staff have to eat
 

Real estate tokenisation project

Dubai launched the pilot phase of its real estate tokenisation project last month.

The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.

Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.

MATCH INFO

Syria v Australia
2018 World Cup qualifying: Asia fourth round play-off first leg
Venue: Hang Jebat Stadium (Malacca, Malayisa)
Kick-off: Thursday, 4.30pm (UAE)
Watch: beIN Sports HD

* Second leg in Australia scheduled for October 10

The specs
Engine: 4.0-litre flat-six
Power: 510hp at 9,000rpm
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
On sale: Available to order now
Price: From Dh801,800
UAE currency: the story behind the money in your pockets
SPIDER-MAN%3A%20ACROSS%20THE%20SPIDER-VERSE
%3Cp%3EDirectors%3A%20Joaquim%20Dos%20Santos%2C%20Kemp%20Powers%2C%20Justin%20K.%20Thompson%3Cbr%3EStars%3A%20Shameik%20Moore%2C%20Hailee%20Steinfeld%2C%20Oscar%20Isaac%3Cbr%3ERating%3A%204%2F5%3C%2Fp%3E%0A
Another way to earn air miles

In addition to the Emirates and Etihad programmes, there is the Air Miles Middle East card, which offers members the ability to choose any airline, has no black-out dates and no restrictions on seat availability. Air Miles is linked up to HSBC credit cards and can also be earned through retail partners such as Spinneys, Sharaf DG and The Toy Store.

An Emirates Dubai-London round-trip ticket costs 180,000 miles on the Air Miles website. But customers earn these ‘miles’ at a much faster rate than airline miles. Adidas offers two air miles per Dh1 spent. Air Miles has partnerships with websites as well, so booking.com and agoda.com offer three miles per Dh1 spent.

“If you use your HSBC credit card when shopping at our partners, you are able to earn Air Miles twice which will mean you can get that flight reward faster and for less spend,” says Paul Lacey, the managing director for Europe, Middle East and India for Aimia, which owns and operates Air Miles Middle East.

UK-EU trade at a glance

EU fishing vessels guaranteed access to UK waters for 12 years

Co-operation on security initiatives and procurement of defence products

Youth experience scheme to work, study or volunteer in UK and EU countries

Smoother border management with use of e-gates

Cutting red tape on import and export of food