Profit of AS Olainfarm during the first six months of this year has reached
1.79 million lats (2.55 million euro), while the sales exceed 12.5 million lats
(17.8 million euro). This has been yet another best six months in Olainfarm's
history to a large extent because of significant increase in exports: now the
company is exporting nearly 95% of its sales. In some smaller markets the
increase in sales exceeds 100%, e.g. in Kyrgyzstan increase in Olainfarm sales
has been more than 400% compared to six months of 2009. Considerable increase
took place also in countries with bigger share in Olainfarm's sales, like
Kazakhstan, where the sales grew by 75%, Belarus by 45%, Russia by 22%, Ukraine
by 14% compared to the same period last year.
“Olainfarm has reached yet another sales record and has experienced its best
second quarter so far. Main growth drives still are new products, new markets
and strengthened marketing. We surely feel like we have caught the wave of
stable growth and we are efficiently riding it. We have all the intentions to
continue this way,” says Salvis Lapins, Member of the Board of Olainfarm.
During the first six months of 2010 Olainfarm's sales grew by 17%, while the
net profit by 117% compared to the first half of 2009.
During the first six months of 2010, the sales to all main markets of the
Company have increased, except for Latvia and Lithuania. Considerable increase
in sales has been experienced not only in countries with historically
insignificant sales volumes (Kyrgyzstan by more than 400%, Poland by more than
200%, Tajikistan by 199%, Uzbekistan by 179%, Estonia by 144%), but also in
countries with much bigger share in Company's sales, like Kazakhstan by 75%,
Belarus by 45%, Russia by 22%, Ukraine by 14%.
During the six months of 2010 several registration cases have been finalized in
Latvia, Lithuania, Estonia, Ukraine, Kyrgyzstan and Albania. Also several
registration files have been submitted to other markets that are untypical for
the company, including Indonesia and Serbia. During the reporting period pilot
tests of R-Fenotropil have also been successfully completed and the work has
been launched to identify the optimal drug form for this molecule.
In April 2010 Olainfarm has received a new Good Manufacturing Practice
compliance certificate.
Annual General Meeting of Shareholders of „Olainfarm” held on April 29, 2010
approved the operating plan of the company. According to it, the forecast
sales of the Concern for 2010 are 24.5 million lats (34.9 million Euro), but
the net profit is forecast at 2.7 million lats (3.8 million Euro). Sales of
the company during the 1st half of 2010 were 51% of target and net profit
reached 67% of annual target. Therefore the sales of the company develop
according to target results, while the net profit is slightly exceeding the
target for the year.
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AS „Olainfarm“ is one of the largest companies in Baltic countries with nearly
40 years of experience in production of medicines and chemical and
pharmaceutical products. The key principle of company's operations is to
produce reliable and effective top quality products for Latvia and the rest of
the world. Currently products of “Olainfarm” are being exported to more than
30 countries worldwide, including the Baltics, Russia, other CIS, Europe, North
America, Asia, and Australia
Information prepared by
Salvis Lapins
JSC "Olainfarm"
Member of the Board
tel. +371 6 7013717,
Cell: + 371 2 6448873
Fax. + 371 6 7013777
E-mail: slapinsh@olainfarm.lv
