Gulf Pharmaceutical Industries reported a double-digit increase in sales as demand for insulin grew across the Middle East.
The pharmaceutical company, based in Ras Al Khaimah and also known as Julphar, generated net profits of Dh42.5 million (US$11.5m) during the third quarter, an increase of 2.6 per cent compared with the same period a year earlier. Revenues increased by 14.9 per cent to Dh271.7m, led by "huge growth" in markets including Libya, Iraq, Egypt, Afghanistan and Saudi Arabia, the firm said.
GVG Krishna, Julphar's chief financial officer, expressed confidence that the company's run of increased profits over the past two quarters would remain on course for the rest of the year.
"Julphar continues to see consistent growth across all of its major markets and these results remain on track with our annual forecasts," he said. "We have seen an excellent contribution from our operation in Saudi Arabia which has been Julphar's leading market for this period."
Last month, the company opened a new insulin manufacturing facility in Ras Al Khaimah capable of producing as much as 1,500kg of insulin per year, equivalent to 45 million vials annually.
Julphar's shares have performed well this year as international investors bet heavily on the growth prospects of the Middle Eastern healthcare market, as so-called "lifestyle diseases" such as diabetes prove a negative side effect of increased incomes and widespread consumption of junk foods.
Julphar is 10.5 per cent owned by the government of Ras Al Khaimah and also counts the Islamic Development Bank among its shareholders.
Shares have risen 48.4 per cent so far this year to Dh3.01 .
Shares in Hikma Pharmaceutical, a Jordanian company, have risen 25 per cent during the same period, while NMC Health successfully listed on the London Stock Exchange in April raising £117m (Dh693.3m).
ghunter@thenational.ae
THE DETAILS
Deadpool 2
Dir: David Leitch
Starring: Ryan Reynolds, Josh Brolin, Justin Dennison, Zazie Beetz
Four stars
Killing of Qassem Suleimani
The biog
Name: Sarah Al Senaani
Age: 35
Martial status: Married with three children - aged 8, 6 and 2
Education: Masters of arts in cultural communication and tourism
Favourite movie: Captain Corelli’s Mandolin
Favourite hobbies: Art and horseback ridding
Occupation: Communication specialist at a government agency and the owner of Atelier
Favourite cuisine: Definitely Emirati - harees is my favourite dish
The years Ramadan fell in May
10 tips for entry-level job seekers
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Arda Atalay, head of Mena private sector at LinkedIn Talent Solutions, Rudy Bier, managing partner of Kinetic Business Solutions and Ben Kinerman Daltrey, co-founder of KinFitz
Killing of Qassem Suleimani
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The biog
First Job: Abu Dhabi Department of Petroleum in 1974
Current role: Chairperson of Al Maskari Holding since 2008
Career high: Regularly cited on Forbes list of 100 most powerful Arab Businesswomen
Achievement: Helped establish Al Maskari Medical Centre in 1969 in Abu Dhabi’s Western Region
Future plan: Will now concentrate on her charitable work
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