The pharmaceuticals giant reported on Monday that it has managed to reduce its net loss by 58 percent from 68.9 million dirhams ($18.7 million) last year to 29.2 million dirhams during the first quarter of 2021. Gulf Pharmaceuticals Industries ( Julphar ) is looking to boost its market share, forge alliances and roll out new products this year as losses have narrowed to more than half. Net sales surged by 60 percent to 166.8 million dirhams during the same period, fuelled by the re-opening in core markets, such as Saudi Arabia, Oman and Kuwait, as well as higher sales in North Africa. In a statement, Julphar said it will continue to focus on “strategic areas” as it divests from non-core activities and further boost its sales in key markets. The company also reported that the cash flow from operating activities improved during the first quarter compared to last year, reaching 3.3 million dirhams.

Source: The North Africa Journal May 10, 2021 07:00 UTC