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International Internet Magazine. Baltic States news & analytics Friday, 29.03.2024, 09:12

Olainfarm posts record-high profit of EUR 14.8 mln for 2015

BC, Riga, 01.03.2016.Print version
Latvian pharmaceutical group Olainfarm has set yet another profit record last year, reporting EUR 14.8 million in net profit, reports LETA, according to the consolidated financial statements for 2015.

The 2015 profit is by 21% higher compared to 2014 and by 7% higher compared to 2012, when the previous profit record of EUR 13.88 million was set.

 

Olainfarm sales in 2015 increased by 4% compared to 2014, reaching EUR 97.6 million euros which means that 2015 had been the best year in the company’s history in terms of sales as well.

 

The fourth quarter of 2015 has been the best last quarter in corporate history in terms of sales, as sales of the Group reached EUR 25.7 million, which exceeds the sales made during the fourth quarter of 2014 by 8%. This has been achieved despite the fact that sales to many important markets, including, Ukraine, Belarus, UK and Poland were shrinking.

 

During 2015, the most rapid sales growth has been achieved to the Netherlands, where sales grew by 107%. This is where products for World Health Organization’s anti-tuberculosis program are shipped. In 2015 sales to Tajikistan increased by 39%, sales to Latvia increased by 11%, sales to Kazakhstan increased by 7% and sales to Uzbekistan increased by 3%. Sales to all other countries increased by 23% on average. Sales to Belarus shrunk by 19%, sales to Poland shrunk by 13%, sales to Ukraine decreased by 7%, sales to UK shrunk by 6% and sales to Russia decreased by 1%. Major sales markets of Olainfarm in 2015 were Russia, Latvia, Ukraine, Belarus and the Netherlands.

 

During the reporting year registration processes have been launched in Bosnia and Herzegovina; Vietnam, Myanmar; GMP audit by Turkish pharmaceutical authorities has been passed, and bioavailability tests for Turkish registration completed, allowing the company to proceed with registration in Turkey. New forms have been developed for several products, and the work continues at development of new combined prolonged activity form of nitrofurantoin. Two new food supplements have been developed and registered in Baltic countries with urological and hepatological application. Food supplement Jogurt Babydrops has been registered in the Baltics and is planned for further registration in 14 countries.

 

During the 4th quarter of 2015 alone four registration processes have been completed in Tajikistan, Turkmenistan and Moldova, files are being prepared for South Africa, Croatia and Iraq.

 

“Last year has really been a stamina test for Olainfarm in CIS markets. Local currencies remained considerably turbulent in Russia, Belarus, Ukraine and Kazakhstan. Belarus continues tightening imports of several products, including pharmaceuticals. Therefore we not only try to strengthen our marketing efforts in these countries to preserve our positions, but also work towards differentiation of our sales markets. This year we plan to make a lot of efforts to launch our Turkish sales and continue with what we have started in several other new markets," says Valerijs Maligins, Chairman of the Board of Olainfarm.

 






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