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International Internet Magazine. Baltic States news & analytics Thursday, 28.03.2024, 12:09

Sales of Olainfarm in H1 reach EUR 62.7 mln

BC, Riga, 01.09.2017.Print version
Latvian pharmaceutical group Olainfarm generated EUR 62.7 million in the first half of this year, up 17% year-on-year, according to the Unaudited Consolidated Income Statement, cites LETA.

The group's six-month profit this year was EUR 5.7 million, which represents a reduction by 7% compared to the first half of 2016. Sales costs in the first months of 2017 increased by EUR 4 million, and foreign exchange fluctuations caused a loss of EUR 1 million loss. The major sales markets of Olainfarm during this period were Russia, Latvia, Belarus and Ukraine.

 

In the second quarter of 2017, sales increased by 25% year-on-year, reaching EUR 34.1 million. Main contributors to the growth were significant shipments of an anti-tuberculosis medicine (PASA) to the World Health Organization and serious sales increases in Latvia and Uzbekistan.

 

During the first six months of 2017, sales to all major markets continued increasing, except for Ukraine, where sales shrank by 40%, and for Uzbekistan, where sales dropped by 21%. Significant sales increases have been achieved to the Netherlands, where sales grew by 600%, to Italy (by 56%) and Kazakhstan (by 55%). During the first six months of 2017 Olainfarm sold its products to 41 countries in five continents.

 

In the first half of this year, registration processes were completed in Armenia, Albania and Azerbaijan. Registration processed have been started in Nepal and continued in Turkey, Armenia, Myanmar, Cameroon and Vietnam. Registration of medicines produced by NPK Biotest began in Belarus. The parent company itself has submitted one more dossier in Turkey and is soon expected to launch several painkilling an anti-inflammatory medicines.

 

Annual meeting of shareholders on June 1, 2017, approved the operating plan of the Group for 2017. According to it, sales of the Group in 2017 are planned at EUR 127 million and net profit at EUR 15.5 million. According to the unaudited report for the first half of 2017, during the first six months the annual sales target has been met by 49.3% the annual profit target by 36%. Taking into account the considerable deviation from the schedule for achieving the profit target, the Board will soon decide on revising the Group's profit target.

 

Olainfarm makes medicines, food supplements, active pharmaceutical ingredients and chemical substances.

 

Olainfarm shares are quoted on the Main List of the Nasdaq Riga stock exchange. The company's key owner is its board chairman Valerijs Maligins.






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