Abu Dhabi – Mubasher: The net losses of Gulf Pharmaceutical Industries (Julphar) retreated to AED 2.40 million in the first half (H1) of 2024 from AED 45.70 million in H1-23.
The revenues from contracts with customers stood at AED 883.10 million in January-June 2024, up 2.80% year-on-year (YoY) from AED 859.40 million, according to the financial results.
Basic and diluted loss per share attributable to the company’s owners hit AED 0.10 in the first six months (6M) of 2024, compared to AED 3.80 in H1-23.
Julphar reported total assets amounting to AED 2.52 billion in H1-24, versus AED 2.45 billion as of 31 December 2023.
Income Results for Q2
In the second quarter (Q2) of 2024, the ADX-listed company suffered lower net losses at AED 4 million, an annual drop from AED 41.80 million.
Revenues grew by 9.50% to AED 444 million in April-June 2024 from AED 405.30 million in Q2-23, while the loss per share fell to AED 0.30 from AED 3.60.
Saqer bin Humaid Al Qasimi, Chairman of Julphar, said: "Serving millions of patients across therapeutic areas, we are confident that our growth mindset and focus on innovation, collaboration and geographical expansion will help us deliver continued positive impact to the healthcare sector and to the knowledge economy in the GCC and beyond.”
Basel Ziyadeh, CEO of Julphar, added: “As we invest in the future, we remain committed to strengthening our capabilities, implementing transformational changes across our organisation to drive efficiencies across all our operations while we continue reassessing our go-to-market models and our non-core areas.”
Accumulated Losses
The group reported accumulated losses valued at AED 348.10 million as of 30 June 2024, accounting for 30.10% of the share capital.
In the January-March 2024 period, Julphar turned profitable at AED 1.90 million, against net losses of AED 2.90 million in Q1-23.
