Gulf Pharmaceutical Industries PSC (Julphar), based in Ras Al Khaimah, said its accumulated losses were now 16% of its capital ratio, but the company had returned to profitability.
Accumulated losses reached AED 181 million ($ 49 million) in the third quarter of 2021, compared to AED 293 million at the end of 2020, according to financial reports.
The company said it made a profit of AED 53.8 million in the third quarter of 2021 and AED 98 million for the first nine months of the year.
The company attributed losses to the suspension of drug exports during the fourth quarter of 2018 and the first quarter of 2020 to Saudi Arabia, Bahrain, Kuwait and Oman by the Saudi Food and Drug Authority and Gulf Health Council, as well as one-time expenses due to factors such as write-offs, product expirations and bidding penalties.
In a statement to the Abu Dhabi Securities Exchange (ADX), the company said it had re-entered all four markets and restructured its product portfolio as well as the divestiture of non-performing assets.
It was first reported earlier this year that Julphar was COVID-19 manufacturing Hayat-vax vaccine in partnership with G42.
The company announced the sale of a 51 percent stake in Saudi Arabia Alpha Pharmacy in July.
The company’s 100 percent sale of IV fluids Inject Gulf to finance the expansion was announced in September.
(Report by Imogen Lillywhite, edited by Seban Scaria)
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