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Olainfarm concludes 2017 with the highest turnover of its history
BC, Riga, 30.04.2018.Print version
Audited consolidated financial statement of JSC Olainfarm for 2017 shows that the sales of the Group exceeded 122 million euros. This represents an increase by 10% compared to sales of 2016 and is by far the largest turnover in the company's history. The profit of Olainfarm Group last year reached 10.8 million euros.
The company has successfully expanded its export by adding new markets and selling its products now to 66 countries worldwide. Russia, Latvia, Ukraine and Belarus remain the largest product markets.
In 2017 JSC Olainfarm has successfully completed the registration of its products
in Latvia, Kyrgyzstan, Armenia, Azerbaijan and Moldova. Registration processes are
still ongoing in Nepal, Armenia, Turkey, Myanmar, Cameroon and Vietnam.
The best sold products of the Parent company in 2017 were CNS medicines
Neiromidin, Noofen and Adaptol, antibacterial preparations of Furamag and
Furasol, antiarrhythmic medicine Etacizin, antituberculosis products PASS
Sodium salt and antiallergic medicine Fenkarol.
On the he
Annual meeting of shareholders of JSC Olainfarm
on June 1, 2017 approved operating plan of the Group for 2017. According to it,
sales of the Group in 2017 were planned to be 127 million euros, the parent company's turnover was
expected to reach 96 million euros, while net profit - 15.5 million euros.
Taking into account the unsatisfactory profitability in the third quarter, the
company's board reviewed its 2017 earnings outlook, stating that the expected 2017
consolidated and non-consolidated profit is 9 million euros with potential to
increase it to 10 million euros. According to the financial results of the
consolidated financial statements, the Group's annual sales plan is executed at
96%, while the revised Group's annual profit plan is overflowing by 8%. The Parent company’s sales target is executed
at 95%, while the profit plan is fulfilled by 93%.