2023-11-12 19:01:24
Abu Dhabi: “The Gulf”
Gulf Pharmaceutical Industries Company (Julphar) recorded losses of 83.4 million dirhams in the nine months ending at the end of September 2023, compared to profits of 10.4 million dirhams achieved during the same period of the year 2022.
Sales in 9 months fell by 2% to 1.25 billion dirhams from 1.22 billion dirhams during the comparison period.
According to Julphar data, the reason for recording losses is the decline in the profit margin to 28% compared to 31.8% during the first nine months of 2022, and the increase in selling and distribution expenses by 6% to reach 278.6 million dirhams compared to 263 million dirhams during the first nine months of 2022.
Julphar’s financing costs also increased by 84% to reach 45.4 million dirhams, compared to 25.6 million dirhams during the same period in 2022. The results of the current period include adjustments due to the severity of inflation to the net cash position of 9 million dirhams compared to nothing during the same period in 2022. Previous year 2022.
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