Julphar posts 18.75 per cent rise in profits

Speaking after the company's annual general assembly meeting held here today, Sheikh Faisal bin Saqr Al Qasimi, Vice Chairman of Julphar, said that the sales of Julphar Group increased by 14 percent to reach Dhs 505 million in 2004, as against Dhs 442 million during the year 2003.

Earnings per share of the company also climbed by 3.3 per cent resulting in net earnings of 0.194 per share compared to 0.188 per share in 2003.

Sheikh Faisal said that the operating income grew from Dhs 60 million in 2003 to touch Dhs 71 million in 2004, marking an increase of 18 percent. Julphar's asset base rose by 11.7 percent, from Dhs 737 million to Dhs 823 million in 2004.

On the growth front, Sheikh Faisal said that the company has been able to get the approval of the American Food and Drug Administration (FDA), which recently inspected the company's Research and Development facilities. He added that three products of Julphar have already secured registration in the USA, enabling the firm to start exporting its products to USA from June onwards.

He said that the company was successful in making substantial inroads into new markets in Algeria, Morocco, Syria, South Africa and Afghanistan.

Managing Director of Julphar, Abdul Razzaq Yousef, was also present at the meeting.