07/03/2018 05:53 AST
Julphar, one of the largest pharmaceutical manufacturers in the Middle East and Africa, recorded sales of Dh1.3 billion for the year ending December 31, 2017, despite a challenging and rapidly changing market environment.
The company reviewed non-audited preliminary financial results for 2017 and forecasts for 2018, following its board of directors' meeting, which was chaired by Shaikh Faisal Bin Saqr Al Qasimi, chairman of the board of Julphar.
Julphar's general manager, Jerome Carle, said: "Firstly, I wish to express my gratitude to the shareholders, colleagues, customers, partners and all the stakeholders of the company for their continued support. In 2017, Julphar faced major challenges, such as currency headwinds, forex [foreign currency] shortages, political instability and price cuts.
"However, key milestones have been achieved, including the official opening of our plant in Saudi Arabia, our entry into three highly important markets with large populations - Mexico, Uzbekistan and Sri Lanka - not to mention being ranked number one in the UAE for the first time. We also registered 130 new products last year and signed an important agreement with the Ministry of Health in the UAE to ensure the availability of critical medical supplies during crisis situations."
He continued to say, "We are off to a solid start in 2018, as evidenced by the successful acquisition of Gulf Inject, new distribution agreements in Africa and Asia, all of which indicate a healthy outlook for the business. We are building up a solid pipeline and we are targeting double-digit growth in 2018 with the planned launches of 25 new products in UAE. We aim to increase our impact in the global pharmaceutical industry by enhancing our operations in emerging markets and increasing our presence in Africa."
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