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Gulf Pharmaceutical Industries (Julphar), amid the current political headwinds and currency devaluation in Egypt, posted stable revenue of AED1.25 billion ($340 million) at constant currency in the first nine months (9M) of 2023.
Julphar registered double-digit growth in the UAE and GCC region markets due to continued developments in key markets such as Saudi Arabia.
Driven by market share growth, Gulf Pharmaceutical Industries (Julphar), one of the largest pharmaceutical manufacturers in the Middle East and Africa, has seen its 2022 revenue jump 41.4% to AED1.62 billion ($440 million).
Saudi Arabia pharmaceutical drugs market includes medicinal products sold as prescription drugs and OTC in hospitals and retail pharmacies for various ailments.
Gulf Pharmaceutical Industries (Julphar) reported on Tuesday its financial results for the first quarter ending March 31, 2022, announcing Dhs418.6 million in net sales in first quarter of 2022, a 156 per cent increase from first quarter of 2021.