Ras Al Khaimah-based Gulf Pharmaceutical Industries PSC (Julphar) said its cumulative losses now amounted to 16% of its capital ratio, but the company had returned to profitability.
Cumulative losses reached AED181 million ($49 million) in the third quarter of 2021 from AED293 million at the end of 2020, according to financial reports.
The company said it made a profit of AED53.8 million in the third quarter of 2021 and AED98 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 the 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 Stock Exchange (ADX), the company said it had re-entered the four markets and restructured its product portfolio as well as disposing of non-performing assets.
It was first reported earlier this year that Julphar was manufacturing COVID-19 Hayat-vax vaccine in partnership with the G42.
The company announced the sale of a 51% stake in Saudi Arabia Alpha Pharmacy in July.
The sale of 100% of the IV fluid company Gulf Inject to fund the expansion was announced in September.
(Reporting by Imogen Lillywhite; editing by Seban Scaria)
Disclaimer: This article is provided for informational purposes only. The Content does not provide tax, legal or investment advice or an opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer here.
© ZAWYA 2021