Gulf Pharmaceutical Industries

On November 10, 2023, Gulf Pharmaceutical Industries PSC reported accumulated losses of AED 334.7 million for Q3 2023, reflecting a 29.0% ratio to paid-up capital. The losses were attributed to prior years and the net loss for Q3 2023. The company has taken measures to address the losses, including developing their topline in key markets, restructuring product portfolio, launching new products in various markets, implementing process improvements and productivity enhancement initiatives, and practicing prudent cost containment. The losses do not exceed 50% of the paid-up capital, and therefore, a plan to deal with the accumulated losses has not been approved by the company's general assembly. Sheikh Saqr Humaid AIQasimi, the Chairman, signed the statement.

Gulf Pharmaceutical Industries PSC (Julphar) reported a 12.0% decline in Q3 2023 revenue compared to Q3 2022 due to geopolitical and economic issues in Iraq, Sudan, and currency devaluation in Egypt. However, the 9-month revenue remained stable with a marginal decrease of 2.3% YoY to 1.2 billion AED due to balanced geographical presence. Julphar delivered strong market performance in Q3, especially in the GCC region. The company's pharmacy retail and wholesale operations, Planet Pharmacies, showed a YTD growth of 5%. Gross Margin improved from 25.8% in Q2’23 to 27.7% in Q3’23. Julphar recognized the impact of UAE Corporate Tax implementation at -5.6 mAED related to Purchase Price Allocation adjustments. The reported EBITDA for 9M’23 was +74.7 mAED. The company continues to make progress in increasing market share, delivering cost savings, efficiency initiatives, and launching new products.

The text is an unaudited interim condensed consolidated financial statement from Gulf Pharmaceutical Industries P.S.C., dated 30th September 2023.

Resolution No. (232) of 2023 announces the temporary suspension of trading on the shares of Gulf Pharmaceutical Industries due to a coinciding board of directors meeting. The meeting is scheduled for 10:30 on 10-Nov-2023, which overlaps with the trading session at ADX. Therefore, trading in JULPHAR shares will be suspended from 09:30 on 10-Nov-2023 until ADX receives the meeting results. All heads of departments in ADX are to execute this resolution in their respective fields. The resolution will be circulated to SCA, the concerned company, all departments at ADX, and all brokers accredited by ADX. The resolution was issued on 03/11/2023.