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Olainfarm pharmaceutical group shows EUR 15.3 mln profit for 2015

BC, Riga, 02.05.2016.Print version
Latvian pharmaceutical group Olainfarm has posted EUR 15.4 million in net profit for 2015, informs LETA, according to the group's audited consolidated profit and loss statement.

This represents an increase by 25% compared to the net profit of 2014 and by 8% compared to the net profit of 2012, when the previous profit record of EUR 14.2 million was set. The parent company's net profit in 2015 was EUR 14.6 million, which is an increase by 28% compared to the net profit of 2014.

 

Sales of the group in 2015 reached EUR 97.4 million, up 4% compared to 2014 sales of EUR 93.7 million euros and the highest sales ever reached by Olainfarm group so far.  Sales of the parent company in 2015 were EUR 84.7 million, also up 4% from 2014 when its sales amounted to EUR 81.6 million and a new record-high for the parent company as well.

 

The biggest consolidated sales increase (by 107%) was achieved in the Netherlands, where products for WHO’s Anti-Tuberculosis program are shipped.  Sales in Tajikistan increased by 39%, sales to Latvia by 11%. The major sales markets of the group in 2015 were Russia, Latvia, Ukraine, Belarus and the Netherlands.

 

The biggest parent company’s sales increase in 2015 was achieved in the Netherlands where sales grew by 107%.  Sales to Turkmenistan grew by 46%, but sales to Tajikistan grew by 39%.  Significant sales growth has also been achieved in Latvia where sales of the parent company increased by 25%. Major sales markets of the parent company in 2015 were Russia, Latvia, Ukraine Belarus and The Netherlands.

 

Last 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 parent company to proceed with registration in Turkey.

 

The annual meeting of Olainfarm shareholders on June 11, 2015, approved operating plan of the group for 2015.  Sales of the Group in 2015 were planned at EUR 100 million and net profit at EUR 15 million.  According to the audited financial statements for 2015, 97.4% of annual sales target and 101.9% of annual profit target were met. The parent company’s sales target in 2015 was set at EUR 87 million and the profit target at EUR 14 million, These targets were met by 97.4% and 104% accordingly.

 

Olainfarm shares are quoted on the Main list of Nasdaq Riga stock exchange. The company's largest shareholder is its board chairman, Valerijs Maligins.






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