Covid-19, Good for Business, Lithuania, Markets and Companies, Medicine, Technology, USA

The Vilnius-based company saw its net profit rise 63% to 246.6 million euros, from 150.993 million euros, its reports to the Lithuanian Center of Registers shows.

"The key factors that determined successful activities included the expansion of production of products for life science research and diagnostics and also implemented production expansion projects," the company said in its annual report.

At the end of 2019, Thermo Fisher Scientific Baltics had 654.753 million euros in non-distributed profit and, just like the year before, the company has no plans to pay dividends.

Sales in Europe were up by 41% to 164.1 million euros and sales in North America jumped 85% to 204.7 million euros. Sales in Asia rose 5.3% to 66 million euros and sales in other countries inched down 0.1% to 5.2 million euros. "Demand for the company's products related to COVID-19 tests is high but the company cannot estimate demand for other products in 2020. Due to the existing quarantine conditions, some clients in many countries have restricted their activity, therefore, it is difficult to estimate whether the 2019 revenue target will be reached," the company said.

The company's average workforce increased to 855 people, from 767 employees in 2018.

Thermo Fisher Scientific Baltics' shareholders are Hong Kong-registered Thermo Fisher China Business Trust II with 77.9%, Hong Kong-registered ThermoFisher Scientific with 18.24%, and Germany's Oxoid Investments with 3.86%. The Lithuanian company's ultimate shareholder is US-based ThermoFisher Scientific.