In Nine Months Olainfarm Increases Sales To 37.7 Million Lats

on November 29, 2013

Consolidated profit and loss statement of JSC Olainfarm for nine months of 2013 shows that the concern has made a net profit of 6.2 million lats (8.84 million euro). New nine months sales record has been set during this period, as company has made sales of 37.7 million lats (53.6 million euro). This is an increase by 7% compared to 2012.

“We have experienced the most successful thirs quarter in our history, as sales to Ukraine are back to normal. Ukraine historically is one of the main markets of the company. In order to ensure a longer term development and growth we have this year completed nearly 30 registrations in 7 countries and started more registration processes in Turkey, Mongolia and Mexico. In cooperation with other producers we plan to strengthen and widen our geographical presence, especially in CIS countries,” says Valerijs Maligins, Chairman of the Management Board of JSC Olainfarm.

During 9 months of 2013 sales to all company’s main markets continued increasing except for Ukraine and the UK. The most rapid sales increases during the 9 months of 2013 were achieved to The Netherlands, where sales grew by 2685%, Spain by 202%, Belarus by 62%, Latvia by 32% and Uzbekistan by 20%. Major sales markets of JSC Olainfarm during the 9 months of 2013 were Russia, Ukraine, Latvia, Belarus and Kazakhstan.

Annual meeting of shareholders of JSC Olainfarm held on April 29, 2013 approved operating plan of the Concern. According to it, sales of the Concern in 2013 are planned to be 59 million lats (84 million euros), but the net profit will reach 11.5 million lats (16.4 million euros). According to this unaudited report for 9 months of 2013, during this period 64% of annual sales target and 54% of annual profit target is met.


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

In Nine Months Olainfarm Increases Sales To 37.7 Million Lats