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International Internet Magazine. Baltic States news & analytics Thursday, 28.03.2024, 20:48

Sales of Latvia’s Olainfarm grew by 1% in 5 months

BC, Riga, 16.06.2016.Print version
Latvian pharmaceutical group Olainfarm generated EUR 44.14 million in turnover in the first five months of 2016, which is 1% more than during the same period in 2015, informs LETA, according to the financial statements submitted to the Nasdaq Riga stock exchange.

The most rapid sales increase during five months of this year was achieved in Italy, where sales grew by 373%. Sales to Turkmenistan increased by 152%, sales to Uzbekistan increase by 134%, but sales to the United Kingdom increased by 78%. Major sales markets of Olainfarm in five months of 2016 were Russia, Latvia, Ukraine and Belarus.

 

In the first five months of 2016 sales of pharmacies Latvijas Aptieka were EUR 7.9 million, which represents an increase by 14% compared to the same period of 2015. Sales of Silvanols during this period were EUR 2 million, which represents an increase by 25% compared to the five months of 2015, when this company made sales worth EUR 1.6 million. Products of Silvanols were sold to nine European countries and with assistance of Olainfarm also to Albania, Kosovo, Azerbaijan, Kazakhstan and Belarus.

 

According to preliminary unconsolidated sales results of Olainfarm for May 2016, sales of the company during this period were EUR 8.37 million, which represents an increase by 34% compared to the same period of 2015. The biggest sales increase was achieved in Turkmenistan, where sales grew by 213%. Sales to Russia increased by 99%, while sales to Uzbekistan increased by 79%. Significant shipments were also made to the United Kingdom and Tajikistan. The biggest sales markets were Russia, Latvia, Ukraine and the UK. During May 2016, products of Olainfarm were sold to 25 countries in four continents.

 

Preliminary consolidated results, sales of Olainfarm for May 2016 show that total sales have reached EUR 9.09 million, which represents and increase by 28% compared to the same period of last year. The biggest sales increase was achieved in Turkmenistan, where sales grew by 213%. Sales to Russia grew by 99%, Sales to Uzbekistan grew by 79%, but sales to Ukraine grew by 50%. Olainfarm’s biggest sales markets were Russia, Latvia, Ukraine and the UK.

 

Sales of chain of pharmacies Latvijas aptieka in May 2016 were EUR 1.3 million, which is the same sales that were made in May 2015. 58 pharmacies were operating during this period. Sales of Silvanols in this period were EUR 0.34 million, which represents an increase by 70% compared to the same period of one year ago. During May 2016, Silvanols was selling its products to four European countries and with assistance from AS Olainfarm also to Kazakhstan, Albania and Kosovo.

 

General meeting of shareholders of Olainfarm held on June 7, 2016 approved operating plan of the company, providing that unconsolidated sales of the company in 2016 will reach EUR 86 million, while consolidated sales of the company will reach EUR 100 million. According to these preliminary sales numbers, in five months of 2016 the company has met 45% of annual target for unconsolidated sales and 44% of annual target for consolidated sales.

 

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. The company's key owner is its board chairman Valerijs Maligins.






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