Baltic Export, Good for Business, Latvia, Markets and Companies, Medicine

The company’s turnover reached EUR 4.11 million last year compared to EUR 3.24 million in 2014. Last year the company’s profit was EUR 230,342 in contrast to loss worth EUR 86,130 in 2014.

Silvanols’ board chairman Artjoms Borcovs said that last year one of the company’s priorities was to expand the export market and as a result the export market rose by 52%. The positive dynamics is continued also this year and in the first quarter of this year the company’s sales reached EUR 1.15 million, up 8% year-on-year.

The company’s largest export markets were Latvia, Poland, Romania and Estonia. The biggest sales increases were recorded in Macedonia (146%) and Poland (142%). Also in Latvia, sales rose by 14%, even though the sales growth in Latvia has slowed down.

Borcovs said that the company’s export growth has been a result of targeted work. "In the past years we have invested resources in researching foreign markets and strengthening the company’s positions. Last year we registered 73 products. We also expand the export territories every year, and 2015 was no exception – we started exports to Austria, Greece, Ukraine and Bulgaria," he said.

The year Silvanols will continue work on development of new and unique products and new foreign markets.

The company also plans to promote healthy lifestyle, calling on people to improve their health with natural products.

Established in 1994, Silvanols pharmaceutical company makes more than 70 original products –- over-the-counter medicines, medical devices and food supplements. Silvanols' largest owner is the leading Latvian pharmaceutical company Olainfarm with 96.69% of shares.