Consolidated profit and loss statement of JSC Olainfarm for 2012 shows that a concern has set yet another profit record, making a net profit of 9.75 million lats (13.88 million euro). This is an increase by 41% compared to 2011 when JSC Olainfarm made a profit of 6.91 million lats (9.84 million euro).
“Last year was so far the most successful one in corporate history, which makes us set even higher targets for our processes and operations to keep similar pace in future. This year we will continue with developing the network of Latvijas aptiekas, but in near future we also plan to grow into segment of medical devices and food supplements and use our marketing and promotion resources of CIS and other countries to strengthen it,” says Valerijs Maligins, Chairman of Olainfarm’s Board.
Unaudited consolidated profit and loss statement for 2012 shows that consolidated sales were 52.91 million lats (75.29 million euro). Net profit of the concern in this period was 9 752 488 lats (13 876 540 euro). A year ago profit of JSC Olainfarm was 6 914 051 lats (9 837 808 euro). Fourth quarter of 2012 was the most profitable in corporate history as the net profit reached 3.4 million lats (4.8 million euro) which is an increase by 85% compared to the 4th quarter of 2011.
During 2012 41 registration cases of Olainfarm products have been completed. An eCTD system has been successfully implemented in a Company and the first file in such format has been submitted (Memodex 10mg) for registration in 10 EU countries. For the first time Olainfarm is registering medicines according to DCP procedure with Latvia being a reference country.
During 2012 sales to all our key markets continued growing, except Belarus, which experienced a decline of 10% compared to rather successful 2011. The biggest sales increases were achieved in Taiwan, where sales grew 11 times, in Latvia, where sales grew more than threefold, UK where sales increased by 61%, Ukraine by 44% and Russia, where sales grew by 31%. Major sales markets of JSC Olainfarm in 2012 were Russia, Latvia, Ukraine, Belarus, Kazakhstan and the UK.
Annual meeting of shareholders of JSC Olainfarm held on April 27, 2012 approved operating plan of the Concern. According to it, sales of the Concern in 2012 are planned to be 48 million lats (68.3 million euros), but the net profit will reach 8.6 million lats (12.24 million euros). According to this unaudited report for 2012, annual sales plan has been outperformed by 10.2%, while annual profit target has been exceeded by 13.4%.
JSC Olainfarm is one of the biggest pharmaceutical companies in Latvia with more than 40 years of experience in production of medication and chemical and pharmaceutical products. A basic principle of company’s operations is to produce reliable and effective top quality products for Latvia and the rest of the world. Products made by the Group are being exported to more than 35 countries of the world, including the Baltics, Russia, other CIS, Europe, Asia, North America and Australia.
Information prepared by:
Member of the Board
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