Julphar, UAE pharmaceutical manufacturer has reported a 9% increase in EBITDA with sales amounting to 169.7 million AED ($46 million). The large increase in sales is mainly due to the lifting of the export suspension applied to Saudi Arabia, Oman, Kuwait and Bahrain, earlier in 2020. Julphar was able to relaunch over 80 products, all contributing to a sales increase. Additional growth came from the company’s subsidiaries including Julphar Diabetes Solutions, General Medicines and its consumer division, Julphar Life.
Another key element, making Julphar attractive to investors and highlighting the confidence of current shareholders is a rights issue which was met with a 1:2 over-subscription. Despite the promising sales data, Julphar reported 83.2 million AED accumulated losses as of the end of the second quarter of 2020, representing 12.7% of the capital.
Julphar stock is currently trading at 1.2 AED, up 4.35% on Thursday evening, following its 2020 Q2 report. As the largest pharmaceutical companies are competing in a race for the COVID vaccine, Julphar is focusing on developing its existing business units, putting it in a solid position for investment in few months time.