Abu Dhabi-listed pharma giant Julphar received a massive shot in the arm with its latest earnings announcement — it reported that its first-quarter net sales surged 156% to AED 418.6m.

Growth was driven by an increase in sales attributed to the strategic acquisition of Planet Pharmacies and a 37% organic growth from the Julphar Segment operations. The improved profitability results from Julphar’s successful implementation of its two-year strategic turnaround plan, divesting from loss-making activities and delivering efficiency improvements in manufacturing.

Net profit of the Julphar Group for the period reached AED 1.9m, marking a return to profitability compared to a loss of AED 29.2m in Q1, 2021.