The accumulated losses of Gulf Pharmaceutical Industries, Julphar, reached 503.2 million dirhams at the end of 2019, equivalent to 43% of the capital.
According to the Emirates News Agency, the company said in a disclosure to the Abu Dhabi market that the reasons for the losses are due to the temporary suspension imposed by the Food and Drug General Authority in Saudi Arabia on the export of medicines to both the Kingdom and Bahrain, and the Health Council of the Cooperation Council states to export medicines to Kuwait and the Sultanate of Oman, and to withdraw products Because of the quality.
The company confirmed that it is taking some measures to address losses, including improving quality measures to avoid suspension and product withdrawals, and the launch of new products in 2020 to increase market share and improve profitability.
On the other hand, the company’s board of directors approved Manoj Gandhi’s resignation from the membership of the board of directors and appointed Raman Garge in his place, and the report of the board and the auditor on the reduction of capital were approved.
