Baltic Export, Good for Business, Latvia, Medicine

International Internet Magazine. Baltic States news & analytics Wednesday, 17.07.2019, 03:49

Olainfarm pharmaceutical group raises sales 5% in H1

BC, Riga, 19.07.2018.Print version
During the first half of 2018 Latvia’s Olainfarm medicines producer raised sales by 5% against the same period a year ago to EUR 61.887 mln, according to preliminary figures released by the company.

The fastest increase the six months of 2018 was recorded in Japan where the Latvian company’s sales grew 4.2 times as compared to the first half of last year to EUR 731,000. In the first half of the year, sales increased by 38% in Uzbekistan, by 35% in Germany, by 29% in Tajikistan, while in Lithuania, sales grew by 28 % vs. the six months of the last year. A slight drop (-5%) was noted in Russia and Kazakhstan in the first half of the current year.


The largest sales markets of the Olainfarm group in the first six months were Russia and Latvia, each representing 28% of the total sales volume; Belarus (13% share) and Ukraine (10% of total sales).


Latvijas Aptieka, a pharmacy chain owned by Olainfarm, generated EUR 11.7 mln in six-month sales, which represents a 14% increase compared to the same period of 2017. Silvanols reported EUR 2.9 mln in January-June sales, which was a slight increase in comparison with the same period last year. Sales of Tonus Elast reached EUR 4.5 mln. Combined sales of health care companies Diamed and Olainmed in the first half of 2018 reached EUR 1.27 mln, and NPK Biotest reported EUR 1.14 mln in January-June sales.


The non-consolidated results of the first half-year show that Olainfarm sold production for almost EUR 48 mln, keeping quantities at the level of the previous year. The first half of the year has proven to be very successful for the company in almost all major outlets. The fastest raise in the six months has been noted in Japan, where the sales grew by 324% against the corresponding period of last year. Sales increased by 36% in Germany, by 28% in Uzbekistan, by 47% in Lithuania, by 37 % in Tajikistan and by 26% in Belarus. In its’ home market Olainfarm also performed with 20% turnover growth.


In June 2018, Olainfarm Group saw its sales grow 16% year-on-year to EUR 11.77 mln. The steepest increase was achieved in Italy where sales grew 2.4 times and in Russia where sales increased by 77%. Sales in Latvia reached 27% increase, while in Belarus the Group’s performance increased by 20 %. Although some decline was registered in Ukraine, the half year performance in this significant market pleased with 12% increase, compared to the 6 months of Year 2017. Sales in India increased by 53%.


Sales of Latvijas Aptieka pharmacies in June 2018 reached EUR 1,9 mln and remained at the level of the previous year. Sixty-nine pharmacies were operating during June. Sales of Silvanols in June grew by 72% and reached EUR 0.5 mln. Combined sales of Tonus Elast and its Russian sales arm Elast Medical were EUR 0.8 mln. Combined sales of health care companies Diamed and Olainmed in May reached EUR 0.20 mln, while sales of NPK Biotest reached EUR 0.16 mln.


According to non-consolidated preliminary data of June, Olainfarm sold its products by EUR 9.4 mln, which is by 14% more than in June 2017. Sales volumes were positively affected by 86% increase in Russia and 25% increase in Latvia. In June, sales increased by 50% in India and by 140% in Italy. In Belarus, sales of Olainfarm in June remained at the level of last year, while in Ukraine the turnover decreased by 37% due to the cyclical nature of the orders. In June, Olainfarm products were sold in 26 countries.


The company’s representatives informed that in the first six months of 2018 Olainfarm achieved 50% of its annual non-consolidated turnover target, which is EUR 96 mln, and 48% of the annual consolidated turnover 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.






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