UAE pharma firm reports 9M losses on Saudi exports ban

UAE-based pharmaceuticals manufacturer, Julphar, reported a net loss of AED29 million for the first nine months of 2018, the company said in a statement on Monday.

The company reported year-to-date sales of AED719 million, adding that profits had been hit by the temporary suspension on the export of Julphar’s products to Saudi Arabia.

The statement mentioned that the management has worked extensively with health authorities in the Kingdom to address their recommendations and implement corrective measures.

The Saudi Food and Drug Authority said it enacted the suspension and withdrew some products from the market after it found a “lack of adherence to the principles of good pharmaceutical manufacturing”.

“Q3 2018 has been a challenging quarter for Julphar. While we saw a decline in our revenue and profitability due to the headwinds in Saudi Arabia, we continued to work hard on new products launches and building new alliances, which will have a positive impact on our long-term performance,” Jerome Carle, general manager of Julphar, said.