Auditor Casts Doubt On Julphar’s Future Amid Saudi Ban

As it struggles to restore exports to one of its key markets, Saudi Arabia, following a facility inspection, UAE-based Julphar is continuing to post large losses on tumbling turnover.

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A ban on exporting to Saudi Arabia from a key facility in the UAE is severely hurting Julphar's sales and profits • Source: Shutterstock

Huge losses amassing due to a Saudi export ban that closes off Julphar’s key market mean that “a material uncertainty exists that may cast significant doubt on the group’s ability to continue as a going concern,” the United Arab Emirates company’s newly appointed auditor, Ernst & Young, has warned.

In September 2018, the Saudi Food and Drug Authority inspected Julphar’s plant in Ras Al Khaimah, UAE. As a result,...

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