Julphar, a Ras Al Khaimah-based pharmaceutical company, reported a 58 per cent drop in first quarter net profit on the back of a drop in revenue.
The company said profit for the period fell to Dh18.4 million from the same period a year earlier. Net sales declined 21 per cent to Dh264m in the first three months of the year from the corresponding period in 2017. The company said the results were calculated according to the new accounting standard IFRS 9 and IRS 15.
The company “delivered a good first quarter performance, in line with our internal target,” said Jerome Carle, general manager of Julphar. “In the first three months of 2018, we made significant progress in the UAE and Levant and we resumed our operation in Libya.”
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Mr Carle said that the company, which distributes medicines to over 40 countries, had new product launches in cardiology and respiratory and executed a long-term strategy in consumer healthcare. He also said Julphar is well positioned for a profitable second-quarter and remains focused on delivering shareholder value through organic and strategic growth opportunities.
“In combination with our expansion initiatives in places such as Saudi Arabia and Africa, we believe there are firm drivers for our growth in 2017," he said.
The company also said it plans to launch 25 products in the UAE and register 200 new products in the region. Julphar has thirteen facilities in the UAE and has manufacturing facilities in Ethiopia, Bangladesh and Saudi Arabia.
Company Profile
Name: HyveGeo
Started: 2023
Founders: Abdulaziz bin Redha, Dr Samsurin Welch, Eva Morales and Dr Harjit Singh
Based: Cambridge and Dubai
Number of employees: 8
Industry: Sustainability & Environment
Funding: $200,000 plus undisclosed grant
Investors: Venture capital and government
The biog
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How The Debt Panel's advice helped readers in 2019
December 11: 'My husband died, so what happens to the Dh240,000 he owes in the UAE?'
JL, a housewife from India, wrote to us about her husband, who died earlier this month. He left behind an outstanding loan of Dh240,000 and she was hoping to pay it off with an insurance policy he had taken out. She also wanted to recover some of her husband’s end-of-service liabilities to help support her and her son.
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November 26: ‘I owe Dh100,000 because my employer has not paid me for a year’
SL, a financial services employee from India, left the UAE in June after quitting his job because his employer had not paid him since November 2018. He owes Dh103,800 on four debts and was told by the panellists he may be able to use the insolvency law to solve his issue.
SL thanked the panellists for their efforts. "Indeed, I have some clarity on the consequence of the case and the next steps to take regarding my situation," he says. "Hopefully, I will be able to provide a positive testimony soon."
October 15: 'I lost my job and left the UAE owing Dh71,000. Can I return?'
MS, an energy sector employee from South Africa, left the UAE in August after losing his Dh12,000 job. He was struggling to meet the repayments while securing a new position in the UAE and feared he would be detained if he returned. He has now secured a new job and will return to the Emirates this month.
“The insolvency law is indeed a relief to hear,” he says. "I will not apply for insolvency at this stage. I have been able to pay something towards my loan and credit card. As it stands, I only have a one-month deficit, which I will be able to recover by the end of December."
