As of June 2020, the company generated AED169.7 million in sales representing a 90 percent increase in comparison to Q2 2019, owing to the lift of the temporary suspension on export of products to Kuwait, Saudi Arabia, Oman and … It plans to use proceeds on a growth strategy that will focus on re-entering markets in Saudi Arabia, Kuwait and Oman and regain a "leading market position", the company said. However, the ban was lifted in April following a “successful inspection of its manufacturing facilities”.In the first half, the company narrowed losses by 55 per cent to Dh83.2m as revenue jumped 37 per cent to Dh274.1m.The company said the Covid-19 pandemic represents considerable uncertainty as “product demand is negatively affected in product areas related to elective treatment procedures”.“However, this also represents an opportunity for Julphar to reposition itself in [the] GCC as a leading healthcare provider by providing affordable medicines to governments and hospitals and addressing the increased demand in Covid-19-related medication.”Julphar recently completed a recapitalisation which saw it extinguish accumulated losses by cancelling Dh503m worth of shares and then completing a rights issue to raise Dh500m through the issue of new shares. Gulf Pharmaceutical Industries P.S.C. May 1, 2020 Zawya News Julphar resumes sales of products in Saudi Arabia. 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It will also look to enter into new alliances and partnerships to strengthen its product portfolio and invest in capital expenditure to improve the efficiency of its operations. UAE pharma giant Julphar brings down first-half 2020 losses to Dh94.5m.
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