Lat­vians sense money

The Baltic Times - - FRONT PAGE - BNS/TBT Staff

Lat­vian medicines pro­ducer Olain­farm turned over 110.7 mil­lion Eu­ros and made an 11.6 mil­lion Euro profit in 2016, ac­cord­ing to the com­pany’s au­dited con­sol­i­dated 2016 state­ment to Nas­daq Riga.

Ac­cord­ing to the state­ment, the phar­ma­ceu­ti­cal group’s an­nual sales grew 14 per cent last year to 110.7 mil­lion Eu­ros. The group’s net profit in 2016 was 11.6 mil­lion Eu­ros, which rep­re­sents a re­duc­tion of 24 per cent com­pared to 2015, when the profit record of 15.3 mil­lion Eu­ros was set. The profit of 2016 was con­sid­er­ably ad­versely in­flu­enced by pro­vi­sions of about 7 mil­lion Eu­ros doubt­ful re­ceiv­ables, ac­cord­ing to the re­port.

Sales of the par­ent com­pany in 2016 reached 91.1 mil­lion Eu­ros, which rep­re­sents an in­crease of 8 per cent com­pared to 2015, when the par­ent com­pany’s sales were 84.7 mil­lion Eu­ros. In 2016, the par­ent com­pany made a net profit of 9.6 mil­lion Eu­ros, which is a re­duc­tion by 34 per­cent com­pared to 2015, when the net profit of the par­ent com­pany was 14.6 mil­lion Eu­ros.

The most rapid sales in­crease of the Olain­farm Group in 2016 was achieved in Uzbek­istan, where sales grew by 65 per cent. In 2016 Lithua­nia be­came one of the ten big­gest mar­kets of the group, re­plac­ing Ta­jik­istan. The big­gest sales mar­kets of the group in 2016 were Rus­sia, Latvia, Ukraine and Be­larus.

The most rapid sales in­crease of the par­ent com­pany in 2016 was achieved in Uzbek­istan, where sales grew by 65 per cent. Sales to Lithua­nia grew by 34 per cent and sales to Be­larus and the UK, each grew by 17 per cent. The big­gest sales re­duc­tion took place in the Nether­lands, where sales shrunk by 56 per cent. In 2016 Lithua­nia be­came one of the ten big­gest mar­kets also for the par­ent com­pany, as it re­placed Turk­menistan. The big­gest sales mar­kets of the par­ent com­pany in 2016 were Rus­sia, Ukraine Latvia and Be­larus.

The best-sell­ing prod­ucts of the par­ent com­pany in 2016 were CNS medicines Neiro­midin, Noofen and Adap­tol, an­tibac­te­rial prepa­ra­tions of Fu­ra­mag and Fura­sol, an­tiar­rhyth­mic medicine Eta­cizin, an­ti­tu­ber­cu­lo­sis prod­ucts PASA Sodium salt and an­tial­ler­gic medicine Fenkarol. The share of the com­pany’s best-sell­ing prod­uct Neiro­midin in to­tal sales of the par­ent com­pany in­creased from 18 per cent to 20 per cent in 2016.

Dur­ing the re­port­ing pe­riod, reg­is­tra­tion pro­cesses of par­ent com­pany’s prod­ucts con­tin­ued in Turkey, Ar­me­nia, Rus­sia, Kaza­khstan, Lithua­nia, Moldova, Bos­nia and Herze­gov­ina, Myan­mar, Cameroon and Viet­nam.

Reg­is­tra­tion of sev­eral prod­ucts has been suc­cess­fully com­pleted in Es­to­nia, Kyr­gyzs­tan, Azer­bai­jan, Turk­menistan, Ukraine, Mon­go­lia, Ar­me­nia, Turk­menistan and Bos­nia and Herze­gov­ina. Reg­is­tra­tion pro­cesses of sev­eral other prod­ucts were launched in Turkey.

The an­nual meet­ing of share­hold­ers of Olain­farm held on June 7, 2016 ap­proved an op­er­at­ing plan of the Olain­farm Group for 2016. Ac­cord­ing to the plan, sales of the group in 2016 were planned to be 100 mil­lion Eu­ros, but the net profit was ex­pected to reach 10 mil­lion Eu­ros. Ac­cord­ing to the au­dited re­port for 2016, dur­ing this pe­riod 111 per cent of the an­nual sales tar­get was met and the an­nual profit tar­get was ex­ceeded by 16 per cent.

At the same meet­ing tar­gets for par­ent com­pany’s op­er­a­tions were ap­proved, stat­ing that the par­ent com­pany’s sales tar­get is 86 mil­lion Eu­ros, and the profit tar­get is 9 mil­lion Eu­ros. Ac­cord­ing to th­ese ac­counts, the par­ent com­pany met 106 per cent of sales tar­get and ex­ceeded its profit tar­get by 7 per cent.

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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