Dubai – Mubasher: Gulf Pharmaceutical Industries (Julphar) on Monday announced that it has posted a net loss of AED 29 million during the first nine months of 2018.
Julphar said its profits were affected negatively due to the temporary suspension on the export of Julphar’s products to Saudi Arabia, the UAE-based pharmaceutical manufacturer said.
The company’s sales recorded AED 719 million over the nine-month period ended September, according to the company’s statement.
The Emirati drugmaker noted that it has worked with health authorities in the kingdom to “address their recommendations and implement corrective measures”.
The suspension decision came as a result of finding a “lack of adherence to the principles of good pharmaceutical manufacturing”, according to a recent statement released by the Saudi Food and Drug Authority.
Commenting on the company's financial results, Jerome Carle, general manager of Julphar, said “Q3 2018 has been a challenging quarter for Julphar. While we saw a decline in our revenue and profitability due to the headwinds in Saudi Arabia, we continued to work hard on new products launches and building new alliances, which will have a positive impact on our long-term performance.”
