In Nine Months OlainFarm Makes 6.4 Million in Net Profit
Consolidated profit and loss account of JSC „OlainFarm” (OlainFarm) for operations in nine months of 2012 shows that the concern continues setting profit records as it has made the net profit of 6.4 million lats (9.1 million euros) in nine months. This is an increase by 27% compared to nine months on 2011 and almost ten times more than five years ago in 2007. First nine months of this year have been the most profitable in corporate history of OlainFarm.
“Nine months results of this year show that OlainFarm is surely on its way to become the leading producer of chemical and pharmaceutical products in the Baltic states. This is also confirmed by the award for “Top 500 EBITDA Maker” received last week. We are also very honoured that as OlainFarm celebrated its 40th Anniversary, President Andris Berzins of Latvia awarded us with a special Certificate of Appreciation for Impressive Growth and Increase in Value,” says Valerijs Maligins, Chairman of the Board of OlainFarm.
Sales of OlainFarm in nine months of 2012 have grown by 34% compared to the same period a year ago and reached 35.2 million lats (50 million euro).
During nine months of 2012 sales to all our key markets continued growing, except Belarus. The biggest sales increases were achieved in Taiwan, where sales grew 8 times, in Latvia, where sales grew fourfold, the UK, where sales doubled and Russia, where sales grew by 30%. Major sales markets of OlainFarm in nine months of 2012 were Russia, Latvia, Ukraine, Belarus, Kazakhstan and the UK.
According to budget and operating plan of OlainFarm for 2012, 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 3 quarters of 2012, during the first nine months 73.3% of annual sales target and 74.2% of annual profit target is met
CONSOLIDATED ANNUAL REPORT FOR THE PERIOD ENDED 30 SEPTEMBEER 2012 (.pdf)
A/s Olainfarm is one of the biggest pharmaceutical companies in Latvia with 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 30 countries of the world, including the Baltics, Russia, other CIS, Europe, Asia, North America and Australia.
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Member of the Board
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