Gulf Pharmaceutical Industries, known as Julphar, one of the biggest drug manufacturers in the Middle East and Africa, swung to a net profit in 2021 following years of losses on the back of improved revenue in its core markets.
The group posted a net profit of Dh65 million ($18m) last year, compared with a net loss of Dh317m in 2020, it said in a statement to the Abu Dhabi Securities Exchange, where its shares trade.
Julphar's return to profit, its first since 2017, came after revenue nearly doubled last year to Dh1.15 billion.
"The strong revenue growth was generated from continued market share increase in the company's key markets including the UAE, Saudi Arabia and several North African markets, and the full consolidation of Planet Pharmacies financial results as of July 1, 2021," the company said.
"Julphar made significant progress in its effort to invest in the product pipeline of its core business areas and to divest from non-profitable and non-core assets."
Based in Ras Al Khaimah, Julphar manufactures largely generic drugs including insulin for diabetics and a range of personal care products. The company, which operates across the Middle East, Africa and Asia, has been growing its regional reach while streamlining operations.
Last July, it acquired 100 per cent of Dubai-based pharmaceuticals distribution company Planet Pharmacies, in which it previously held a 40 per cent stake. The move will help Julphar "secure new business expansion opportunities" and offer a "competitive advantage to the group within the regional healthcare sector", the company said at the time.
Julphar also sold its Dubai-based subsidiary Gulf Inject, a local manufacturer of intravenous fluids, to GlobalOne Healthcare, a division of Abu Dhabi's Yas Holding in September, as part of efforts to focus on its "core product portfolio".
The company also signed an exclusive licence and production agreement with Quantum Genomics, a biopharmaceutical company specialising in the development of cardiovascular drugs, to market and produce firibastat, which is used to control blood pressure, in the Middle East, all African countries, CIS and Turkey last year.
Julphar's total assets increased an annual 3.5 per cent to Dh2.4bn at the end of 2021, while earnings per share rose to Dh5.6 last year.
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EA Sports FC 26
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It's up to you to go green
Nils El Accad, chief executive and owner of Organic Foods and Café, says going green is about “lifestyle and attitude” rather than a “money change”; people need to plan ahead to fill water bottles in advance and take their own bags to the supermarket, he says.
“People always want someone else to do the work; it doesn’t work like that,” he adds. “The first step: you have to consciously make that decision and change.”
When he gets a takeaway, says Mr El Accad, he takes his own glass jars instead of accepting disposable aluminium containers, paper napkins and plastic tubs, cutlery and bags from restaurants.
He also plants his own crops and herbs at home and at the Sheikh Zayed store, from basil and rosemary to beans, squashes and papayas. “If you’re going to water anything, better it be tomatoes and cucumbers, something edible, than grass,” he says.
“All this throwaway plastic - cups, bottles, forks - has to go first,” says Mr El Accad, who has banned all disposable straws, whether plastic or even paper, from the café chain.
One of the latest changes he has implemented at his stores is to offer refills of liquid laundry detergent, to save plastic. The two brands Organic Foods stocks, Organic Larder and Sonnett, are both “triple-certified - you could eat the product”.
The Organic Larder detergent will soon be delivered in 200-litre metal oil drums before being decanted into 20-litre containers in-store.
Customers can refill their bottles at least 30 times before they start to degrade, he says. Organic Larder costs Dh35.75 for one litre and Dh62 for 2.75 litres and refills will cost 15 to 20 per cent less, Mr El Accad says.
But while there are savings to be had, going green tends to come with upfront costs and extra work and planning. Are we ready to refill bottles rather than throw them away? “You have to change,” says Mr El Accad. “I can only make it available.”
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F1 line ups in 2018
Mercedes-GP Lewis Hamilton and Valtteri Bottas; Ferrari Sebastian Vettel and Kimi Raikkonen; Red Bull Daniel Ricciardo and Max Verstappen; Force India Esteban Ocon and Sergio Perez; Renault Nico Hülkenberg and Carlos Sainz Jr; Williams Lance Stroll and Felipe Massa / Robert Kubica / Paul di Resta; McLaren Fernando Alonso and Stoffel Vandoorne; Toro Rosso TBA; Haas F1 Romain Grosjean and Kevin Magnussen; Sauber TBA
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Tips for SMEs to cope
- Adapt your business model. Make changes that are future-proof to the new normal
- Make sure you have an online presence
- Open communication with suppliers, especially if they are international. Look for local suppliers to avoid delivery delays
- Open communication with customers to see how they are coping and be flexible about extending terms, etc
Courtesy: Craig Moore, founder and CEO of Beehive, which provides term finance and working capital finance to SMEs. Only SMEs that have been trading for two years are eligible for funding from Beehive.
