Gulf Pharmaceutical Industries (Julphar) announced strong growth in sales during the first half of this year, reaching AED 883.1 million, an increase of 2.8%, while sales during the second quarter reached AED 444 million, representing a growth of 9.5%, compared to the previous quarter (and a growth of 10.1% in constant currency).
Julphar’s subsidiary, Planet Pharmacies, continues its strong growth in revenues, with sales reaching AED 576.9 million during the first half of this year, representing an increase of 8.4% compared to the same period last year.
Profitability witnessed a significant improvement during the first half of this year, as the company reduced its basic net losses before taxes by AED 42.8 million, moving from a loss of AED 40.5 million during the same period last year, to a profit of AED 2.3 million for this period of this year.
Gross profit before interest, taxes, depreciation and amortization increased during the first half of this year, by AED 55 million from AED 53.4 million to AED 108.4 million, indicating the effectiveness of the company’s initiatives to improve efficiency and reduce costs.
Cash flows from operating activities reached AED 101 million during the first half of 2024, compared to AED 15.7 million in the same period last year, driven by efficiency initiatives and increased focus on capital management.
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