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Olainfarm Makes Another Record Profit: 2.4 Million Lats in First Quarter

on May 31, 2012

Consolidated profit and loss account of JSC Olainfarm for the first quarter of 2012 shows that the Concern has set yet another profits record of 2.4 million lats (3.4 million euros). This is an increase by 40% compared to the first quarter of 2011 when the company made the net profit of 1.7 million lats (2.4 million euros). This has so far been the most profitable quarter in corporate.

Unaudited profit and loss statement of JSC Olainfarm for the 1st quarter of 2012 shows that sales were 12.1 million lats (17.2 million euros), This is an increase by 48% compared to 1st quarter of 2011 when sales of JSC Olainfarm were 8.2 million lats (11.6 million euro).

“Results of the first quarter confirm ability of Olainfarm to continue increasing sales and profits not only in foreign markets. In Latvia, through our retail network we have increased our sales fourfold and are still growing. These developments had allowed us to pay dividends for the second time,” says Valerijs Maligins, Chairman of the Management Board.

During 1st quarter of 2012 sales continued increasing to all key markets except Belarus. The most rapid sales increases were achieved to USA, where sales grew 267 times, Taiwan 13 times, Latvia more than fourfold, Georgia more than threefold, and Ukraine where sales grew by 81%. Major sales markets of JSC Olainfarm in three months of 2012 were Russia, Ukraine, Latvia, Belarus, Kazakhstan and the UK.

According to budget and operating plan of JSC Olainfarm, 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 the unaudited report for 1st quarter of 2012, during the first three months 25.1% of annual sales target and 28% of annual profit target is met.

In 1st quarter of 2012 the Concern consists from parent company JSC Olainfarm, its daughter companies SIA „Ozols JRD”, whose major activities will be related to organizing sports and active leisure events in Olaine, daughter company „Olainfarm Enerģija”, that will be engaged in production of electric energy using cogeneration technologies, travel agency „First Class Lounge” and pharmaceutical retail companies SIA „Ilmas Aptieka”, SIA „Juko 99”, SIA „Veritas Farm”, SIA „Inula Farma”, a/s „Lege Artis” and SIA „Vita Plus”. In February 2012, shares in SIA „Teriaks Pļaviņu Aptieka” were also purchased.

 

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:

Salvis Lapins
Member of the Board
JSC Olainfarm
Tel: +371 6 7013 717
Cell: +371 2 6448 873
E-mail: slapinsh@olainfarm.lv

 

SigitaOlainfarm Makes Another Record Profit: 2.4 Million Lats in First Quarter