Led by its Chairman His Highness Sheikh Faisal Bin Saqr Al Qasimi, Julphar’s General Assembly Meeting took place in the company’s headquarters of Ras Al Khaimah on April 16th. During the meeting, the General Assembly decided to distribute 16 per cent of profits in cash in addition to 3 per cent in shares to shareholders.
“In the middle of the political crisis that affected some markets in 2016, Julphar continued to perform strongly, reiterating its promise to play a part in the overall improvement of healthcare,” stated His Highness Sheikh Faisal. “Our expertise and local know-how positions us as the pharmaceutical industry’s national leader Made in UAE. In the face of difficult circumstances, last year’s achievements were a testament of Julphar’s commitment to stay true to our mission to be the leader in enabling access to quality pharmaceutical products in the region.”
Commenting on the company’s future, Julphar’s Chief Financial Officer Jerome Carle said: “I am confident that 2017 will present further growth opportunities for Julphar. The completion and opening of our Saudi manufacturing plant on April 20th will support our objective to expand our manufacturing capabilities in the region and will ensure we are better served to compete in local markets. Julphar Saudi Arabia will be the company’s third factory implemented outside of the UAE and is an addition to Julphar’s Ethiopian and Bangladeshi facilities, launched respectively in 2013 and 2015,” he added.
Julphar’s Board of Directors submitted the company’s annual report for last year’ financial achievements. The company registered sales revenue of AED 1.45 billion in the year ending 2016 and demonstrated a steady operational performance, posting a gross profit of AED 883.3 million for the year ending 2016 and a net profit of AED 210 million for the period.
The seven main markets’ revenues accounted for 80% of Julphar’s 2016 sales. Julphar’s leading market Saudi Arabia, with a contribution of 36%, was followed by the UAE (20%), Iraq (7%), Lebanon (6%), Egypt (4%), Kuwait (4%) and Oman (3%).