Julphar sets up plant in Ethiopia
Ras Al Khaimah-based pharmaceuticals firm Julphar will open its first overseas manufacturing plant next week.
The 40,000 sqm facility, which is based in the Ethiopian capital, Addis Ababa, cost $9.6m to build.
Once fully operational, the plant will produce 25m bottles of suspension and syrup, 500m tablets and 200m capsules annually, which will be exported throughout Africa.
Julphar is currently recruiting 50 local staff for the plant, which is scheduled to open on February 6, 2013.
"This is a significant announcement for Julphar and a huge step forward in terms of our international expansion and development. Julphar is proud to play a role in the development of Ethiopia," said Ayman Sahli, the firm's CEO.
Julphar makes more than 800 different types of drugs in its suite of 11 plants in Ras Al Khaimah, which are distributed over more than 40 countries. Last year, the firm completed the construction of a $150m facility, Julphar XI, which is the first plant in the Gulf to manufacture insulin.
The company is building a factory in King Abdullah Economic City near Jeddah, Saudi Arabia, in conjunction with local partner Cigalah Group. It is also constructing a plant in Algeria via a joint venture with the Algerian Ministry of Health, which will be completed next year.
Julphar posted profits of $11.5m in the third quarter of 2012, up by 2.6 percent year-on-year. Revenues grew by 14.9 percent to $74m during the same period.
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