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International Internet Magazine. Baltic States news & analytics Saturday, 16.01.2021, 14:06

Riga pharmaceutical factory raises profit 2.8 times in 2019

BC, Riga, 14.05.2020.Print version
Latvia’s Rigas Farmaceitiska Fabrika (RFF) pharmaceutical company turned over EUR 3.794 million in 2019, which is an increase of 1.9 percent against a year before, while the company’s profit grew 2.8 times year-on-year to EUR 2.014 million, writes LETA, according to information available at Firmas.lv.

The change of the company’s management in 2018 started a reform process aimed at improving the RFF product portfolio and overhauling its visual image, the RFF management said in the annual report.


The management said that the company's profit grew on account of a payment of dividends from subsidiary Jonnex Farma.


Last year, RFF added 10 new products to its portfolio and plans to keep expanding the product portfolio also in the future. The management noted at the same time that many of the products are outdated and no longer meet modern standards, which is why their sales decline by the year. 


In 2019, the company concluded new agreements with partners in Austria, Poland, Cyprus, Estonia, Lithuania and Azerbaijan. RFF plans to increase turnover also this year, with the main emphasis on new products and export markets. 


The company plans to add another 10 products to the portfolio. 


The management said that RFF has not been affected by the economic slump caused by the Covid-19 crisis. In the first quarter of 2020 the company's turnover grew at a faster rate than expected. The management has defined the products important for combating Covid-19 and prioritized their production. 


As reported, RFF turned over EUR 3.722 million in 2018, which is an increase of 1.6 percent against a year before, while the company’s profit grew 38.4 percent year-on-year to EUR 717,561. RFF is a member of Repharm Group.






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